Donald Trump's company has filed an application to create an ETF that will offer investors access to Bitcoin and Ethereum, expanding its financial offerings in the digital market.
Information on ETF Filing
The S-1 registration form submitted on Monday by Truth Social with the U.S. Securities and Exchange Commission outlines plans for the *Truth Social Bitcoin and Ethereum ETF*. The fund will be sponsored by Yorkville America Digital and aims to list on NYSE Arca.
Details about the ETF Framework
The proposed ETF would allow investors to gain exposure to Bitcoin and Ether without holding the assets directly. Both cryptocurrencies would be held in custody by Foris DAX Trust Company, operating as Crypto.com. Further details regarding the ETF's ticker symbol and cash custodian have yet to be announced.
Current State of the Crypto Market and ETFs
This filing follows the SEC's recent approval of a $2.3 billion Bitcoin treasury registration by Trump Media and Technology Group (TMTG). However, the company noted it has no immediate plans to issue securities under that deal. Additionally, CoinShares filed for an S-1 for a Solana spot ETF on the same day, indicating the growing interest in crypto fund proposals.
The launch of the cryptocurrency ETF by Trump's media company underscores the increasing interest and momentum in the cryptocurrency market, as well as the pressure on regulators to establish clear guidelines for digital asset investing.
