The official review period has begun for Truth Social’s dual crypto ETF, as the SEC considers offering public exposure to both Bitcoin and Ether.
SEC Starts Review of Truth Social’s Crypto ETF
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged the ETF application from Trump Media & Technology Group’s Truth Social, marking the start of the regulatory countdown. The proposed fund aims to offer investors exposure to both Bitcoin (BTC) and Ethereum (ETH) through a spot exchange-traded fund listed on NYSE Arca.
According to the filing, 75% of the ETF’s holdings would be allocated to Bitcoin and 25% to Ether, giving investors a diversified way to participate in the crypto market without directly holding the assets.
Bitcoin and Ethereum ETF Structure and Custody Details
The proposed Bitcoin and Ethereum ETF will be backed by actual crypto assets held in cold storage. Crypto.com, through Foris DAX Trust Company, will serve as the custodian, while Yorkville America Digital Asset Management will act as the fund sponsor.
The daily net asset value (NAV) of the ETF will be calculated using benchmark prices: the CME CF Bitcoin Reference Rate for Bitcoin, and the CME CF Ether Reference Rate for Ethereum. The fund will maintain separate cold storage accounts for its crypto assets to ensure added security and regulatory compliance.
Background and Timing
Truth Social initially filed the ETF’s S-1 form with the SEC on June 16, and the acknowledgment now triggers a formal review process. The SEC has a limited time to approve, reject, or delay the application, making this a key moment for crypto ETF approvals in the U.S.
This application joins a growing list of crypto ETF filings, as the SEC is reportedly working toward a streamlined framework for digital asset ETFs to simplify the listing and approval process.
SEC Delays Decision on Fidelity’s Solana ETF
While Truth Social’s ETF moves forward, the SEC has delayed its decision on Fidelity’s proposed Solana (SOL) spot ETF. A new public comment period has been opened, with a 21-day window for submissions and 35 days for rebuttals.
The Fidelity Solana ETF, filed via Cboe BZX Exchange on March 25, is one of several spot crypto ETF proposals under regulatory review. Industry analysts, including Bloomberg’s James Seyffart, said the delay was expected.
Growing Optimism Around Crypto ETFs
Despite the delay, Seyffart pointed to signs of progress within the SEC, noting that the agency is engaging with applicants and requesting amendments to filings — particularly for SOL spot ETFs. He emphasized that these interactions are part of a healthy regulatory dialogue, even if they do not yet signal approvals.
“Any engagement between the SEC and issuers should be viewed as a positive development,” Seyffart posted on X.
What This Means for Crypto Investors
The SEC’s acknowledgment of the Truth Social Bitcoin and Ethereum ETF signals continued momentum in the U.S. for regulated crypto investment products. If approved, it would expand investor access to two of the most prominent cryptocurrencies under a single, regulated fund — a significant step for mainstream crypto adoption.
Meanwhile, the ongoing back-and-forth on Solana ETFs highlights the SEC’s cautious but active role in shaping the future of crypto ETFs and digital asset regulation.
