SEC Acknowledges Truth Social’s Bitcoin and Ethereum ETF Application, Kickstarting Approval Process
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Trump Media’s application to launch a dual Bitcoin and Ethereum exchange-traded fund (ETF), marking the beginning of the regulatory review period for the proposed product.
Details of the Proposed ETF
According to the filing, the Truth Social Bitcoin and Ethereum ETF aims to give investors exposure to both Bitcoin (BTC) and Ethereum (ETH) through shares traded on the NYSE Arca exchange. The fund’s composition would consist of:
-
75% allocation to Bitcoin
-
25% allocation to Ethereum
The ETF will be sponsored by Yorkville America Digital, while Foris DAX Trust Company, operating under the Crypto.com brand, is set to serve as the crypto custodian, ensuring asset security in cold storage and segregated accounts.
The ETF’s net asset value (NAV) will be calculated daily, with the BTC portion referencing the CME CF Bitcoin Reference Rate, and the ETH portion referencing the CME CF Ether Reference Rate, unless changed at the sponsor’s discretion.
SEC Review Now Underway
The acknowledgment of the S-1 filing, submitted by Trump Media on June 16, initiates a countdown for the SEC to either approve or reject the application. This process typically involves multiple stages, including a public comment period, amendments by the issuer, and regulatory feedback.
The timing aligns with a surge in ETF applications and growing momentum around the development of a standardized approval framework for digital asset ETFs in the U.S. The SEC has reportedly been evaluating streamlined procedures to automate large parts of the approval process.
SEC Also Delays Fidelity’s Solana ETF Decision
While the Truth Social ETF progresses to review, the SEC has once again postponed a decision on Fidelity’s proposed spot Solana ETF. The delay opens a new public comment window:
-
21 days for comments
-
35 days for rebuttals
Fidelity initially filed to list its spot Solana ETF via the Cboe BZX Exchange on March 25.
Bloomberg ETF analyst James Seyffart noted the delay was expected, adding that the broader ETF space is still awaiting movement from the SEC on a generalized digital asset ETP framework.
Encouraging Signs of Regulatory Progress
Seyffart also reported that the SEC has been actively engaging with SOL ETF issuers, asking them to amend and refile applications — an indication of ongoing regulatory dialogue. He emphasized:
“Any sort of interactions between SEC and issuers/exchanges should be viewed positively.”
MORE delays. @Fidelity‘s Solana ETF filing was just delayed as expected.
We’re still waiting for some sort of movement from the SEC on a generalized digital asset ETP framework. pic.twitter.com/8m2DSdHJYV
— James Seyffart (@JSeyff) July 7, 2025
While the Truth Social ETF is not yet approved, the SEC’s acknowledgment and continued interaction with applicants reflect a maturing stance on digital asset products — potentially paving the way for broader institutional adoption of cryptocurrencies in the coming months.
