Trump Media and Technology Group Corp has submitted a filing for an ETF focused on Bitcoin and Ethereum, enabling investors to gain access to these cryptocurrencies.
Details of the ETF Filing
Trump Media submitted a Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) for the listing of an ETF focused on Bitcoin and Ethereum on NYSE Arca. The proposed ETF, under the ticker symbol B.T., would hold 75% of its assets in Bitcoin and 25% in Ethereum.
Structure and Purpose of the ETF
The ETF is structured as a commodity-based trust, with Yorkville America Digital named as sponsor and Foris DAX Trust Company serving as custodian for the crypto assets. This product aims to provide simplified exposure to the two largest digital assets by market capitalization for both retail and institutional investors.
Approval Process and Next Steps
With the Form 19b-4 submitted, the SEC will begin its formal review process. The Commission has up to 240 days to make a final decision, although an initial response is typically issued within 45 days. It is also noteworthy that Trump Media has previously submitted a filing for a separate Bitcoin ETF that is currently under SEC review.
In conclusion, Trump Media continues to expand its activity in the ETF market, which has garnered attention from both investors and regulators.
