Former President Donald Trump's social media platform, Truth Social, has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch a dual exchange-traded fund (ETF) for Bitcoin and Ether. Filed on Monday, the document proposes shares of the Truth Social Bitcoin and Ethereum ETF, sponsored by Yorkville America Digital.
The ETF is designed to give investors exposure to Bitcoin and Ether without the complications of direct ownership. A custodian, Foris DAX Trust Company, also known as Crypto.com, will manage the crypto assets backing the shares. The specific ticker symbol and cash custodian details are still forthcoming, as acknowledged by Truth Social.
This ETF filing follows the recent approval from the SEC for Trump Media and Technology Group's $2.3 billion Bitcoin treasury registration. The company has stated that it has no immediate plans to issue any securities under this deal. Previously, Trump Media confirmed a $2.5 billion capital raise to acquire Bitcoin in late May after initial rejections.
On the same day as Truth Social’s announcement, CoinShares also filed for a Solana spot ETF, competing in a growing market. Insight from Bloomberg's ETF analysts suggests there are currently numerous Solana filings under consideration, with approvals appearing uncertain in the short term.
"The growing trend of ETFs centered around cryptocurrencies reflects increased institutional interest and confidence in the digital asset space," noted Eric Balchunas, a senior ETF analyst at Bloomberg.
The ETF is designed to give investors exposure to Bitcoin and Ether without the complications of direct ownership. A custodian, Foris DAX Trust Company, also known as Crypto.com, will manage the crypto assets backing the shares. The specific ticker symbol and cash custodian details are still forthcoming, as acknowledged by Truth Social.
This ETF filing follows the recent approval from the SEC for Trump Media and Technology Group's $2.3 billion Bitcoin treasury registration. The company has stated that it has no immediate plans to issue any securities under this deal. Previously, Trump Media confirmed a $2.5 billion capital raise to acquire Bitcoin in late May after initial rejections.
On the same day as Truth Social’s announcement, CoinShares also filed for a Solana spot ETF, competing in a growing market. Insight from Bloomberg's ETF analysts suggests there are currently numerous Solana filings under consideration, with approvals appearing uncertain in the short term.
"The growing trend of ETFs centered around cryptocurrencies reflects increased institutional interest and confidence in the digital asset space," noted Eric Balchunas, a senior ETF analyst at Bloomberg.
