The U.S. Securities and Exchange Commission (SEC) has formally acknowledged Trump Truth Social’s dual cryptocurrency ETF application. The proposed exchange-traded fund aims to provide investors with exposure to Bitcoin and Ethereum through shares listed on NYSE Arca. The SEC’s acceptance starts the mandatory review period, placing it on a 240-day decision timeline.
Truth Social’s Bitcoin and Ethereum ETF Advances to Review
Trump Truth Social submitted the ETF application on June 16, marking its first official entry into digital assets. In the filing, the ETF will hold 75 percent in Bitcoin and 25 percent in Ethereum. ETF will apply the CME CF Bitcoin Reference Rate and Ether Reference Rate in the daily net assets valuation.
The filing mentions Foris DAX Trust Company (which operates as Crypto.com) as the official custodian of the fund’s crypto assets. Yorkville America Digital will be the ETF sponsor, handling the general maintenance and compliance of the ETF. Trump Truth Social’s fund will be listed on NYSE Arca pending SEC approval.

This filing comes amid a surge in crypto-related ETF proposals as institutions seek regulatory approval. The SEC is reportedly reviewing a simplified structure to automate part of the approval process. Market watchers view this as a sign of increased regulatory acceptance of cryptocurrency-based financial products.
Bitcoin Ether ETF Follows Market Benchmarks
Trump Truth Social’s ETF will rely on institutional reference rates to ensure accurate daily valuation. The Bitcoin component will use the CME CF Bitcoin Reference Rate, which aggregates data from major exchanges. Meanwhile, the Ether component will follow the CME CF Ether Reference Rate, unless the sponsor decides otherwise.

These reference rates are trusted industry benchmarks, enhancing transparency and pricing accuracy. Trump Truth Social confirms that any deviations from this methodology would be at the sponsor’s discretion. The daily net asset value will reflect real-time market dynamics and provide clear data for investors.
The ETF will hold actual Bitcoin and Ether, ensuring direct asset-backed exposure for shareholders. This design allows investors to benefit from crypto price changes without holding digital assets themselves. It also mitigates risk through secure custodianship and clear reporting standards.
SEC Postpones Decision on Fidelity’s Solana ETF
While the SEC begins its review of Trump Truth Social’s ETF, it has delayed its decision on Fidelity’s Solana ETF proposal. The regulator opened a new comment period, inviting public input within 21 days and rebuttals within 35 days. Cboe BZX Exchange filed the original request on March 25.
Bloomberg ETF analyst James Seyffart commented on the delay, stating,
“It was delayed as expected.” He added, “We’re still waiting for some sort of movement from the SEC on a generalized digital asset ETP framework.”
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
Seyffart also noted the SEC’s ongoing interaction with issuers, calling it a “positive sign.” He emphasized that updates and amendments don’t mean approval. However, frequent communication shows regulatory interest in developing future exchange-traded crypto products.
Summary
The SEC has formally accepted Trump Truth Social’s Bitcoin and Ethereum ETF application for review. The ETF proposes to hold 75% Bitcoin and 25% Ether, with daily valuations based on institutional reference rates. Foris DAX Trust will act as custodian, and Yorkville America Digital will serve as sponsor. Meanwhile, the SEC has delayed a decision on Fidelity’s Solana ETF but has shown signs of regulatory progress.
FAQs
What does the Trump Truth Social ETF aim to do?
The ETF aims to offer exposure to Bitcoin and Ethereum via shares backed by actual crypto assets.
Who will manage and safeguard the ETF’s crypto assets?
Yorkville America Digital will sponsor the fund, while Crypto.com will act as the official custodian.
What are the ETF’s asset allocations?
The ETF will hold 75% Bitcoin and 25% Ether, based on institutional reference rates.
Why did the SEC delay Fidelity’s Solana ETF?
The SEC extended the review to gather more public and issuer input before making a decision.
What does SEC’s acknowledgment mean for Trump Truth Social?
It starts the review clock and signals that the application meets initial regulatory filing requirements.
Glossary of Key Terms
ETF (Exchange-Traded Fund): A financial product traded on stock exchanges that holds a set of assets.
Custodian: A regulated entity that holds and secures financial assets.
Spot ETF: An ETF backed by actual holdings of an asset, like Bitcoin or Ethereum.
CME CF Reference Rate: A price benchmark for cryptocurrencies based on real-time data from trusted exchanges.
Sponsor: The company responsible for the fund’s management, compliance, and strategy.
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