The U.S. Securities and Exchange Commission (SEC) has acknowledged the filing from Truth Social for a Bitcoin ETF, opening new avenues for cryptocurrency investment.
Details of the Bitcoin ETF Filing
The SEC confirmed that it has accepted Truth Social's application for listing a Bitcoin ETF on the NYSE. This indicates that the application will be reviewed but does not guarantee approval or trading.
Investment Category and Asset Management
According to the filing, the ETF will invest directly in Bitcoin and closely track its price. Shares will represent partial ownership of the Bitcoin held by the Trust, managed by Foris DAX Trust Company, also known as Crypto.com.
Required Approvals for Trading Start
Before trading can commence, the SEC must approve the S-1 registration and the proposed 19b-4 rule change. All assets will be kept in cold storage for enhanced security.
The SEC's review of Truth Social's Bitcoin ETF application presents new opportunities for investors, although a final decision is still pending.
