Key Insights:
- The SEC has formally acknowledged Trump Media’s application for a dual Bitcoin and Ethereum ETF.
- The proposed Truth Social ETF will allocate 75% to Bitcoin and 25% to Ethereum, with Crypto.com as custodian.
- The SEC has also delayed Fidelity’s spot Solana ETF, but analysts see the ongoing dialogue as a positive step for crypto ETFs.
The U.S. Securities and Exchange Commission (SEC) has just formally acknowledged an application from Trump Media for a dual Bitcoin and Ethereum exchange-traded fund (ETF).
This move has kicked off a review period that could lead to the first crypto ETF backed by both of the world’s largest cryptocurrencies.
While the fund itself is small in structure, this move could be the change that the SEC needs in how it views crypto-based financial products.
Truth Social’s Ambitious Crypto ETF Proposal
Trump Media Truth Social is behind the new ETF proposal. According to the proposed ETF, the company wishes to offer retail and institutional investors a way to gain regulated exposure to Bitcoin and Ethereum via shares listed on NYSE Arca.
TRUMP’S TRUTH SOCIAL FILES FOR “CRYPTO BLUE CHIP ETF” — INCLUDING BTC, ETH, SOL, XRP & CRO!
70% ALLOCATION TO #BITCOIN
GREAT TIMES AHEAD!!!! pic.twitter.com/UVIaY6ZJCO
— Crypto Jargon (@Crypto_Jargon) July 8, 2025
TRUMP’S TRUTH SOCIAL FILES FOR “CRYPTO BLUE CHIP ETF” — INCLUDING BTC, ETH, SOL, XRP & CRO! According to the filing, the ETF will allocate 75% of its assets to Bitcoin and the remaining 25% to Ethereum. These proportions show Bitcoin’s dominant position in the market, while also recognizing Ethereum’s relevance in areas like DeFi and smart contracts.
In addition, Foris DAX Trust Company, more widely recognized as Crypto.com will act as the custodian for the fund alongside Yorkville America Digital as its sponsor.
Tracking Prices Through CME Crypto Indexes
One important feature of the proposed ETF is how it calculates its net asset value (NAV).
Each day, the fund will determine the NAV using the CME CF reference rates. This are established price indexes that aggregate trade data from several top-tier crypto exchanges. This move makes sure that the price tracking is both transparent and consistent.
For Bitcoin, the CME CF Bitcoin Reference Rate will serve as the benchmark. The Ethereum portion will use the CME CF Ether Reference Rate unless the fund sponsor decides otherwise.
This built-in flexibility for Ethereum pricing adds a fresh new dimension. Even though it also raises questions about the extent of discretion that Yorkville America Digital will have over the fund’s valuation process.
In terms of security, the ETF’s filing makes clear that both Bitcoin and Ethereum will be stored separately from other customer assets and kept in cold storage. As mentioned, the SEC’s acknowledgment of the application on July 8 officially starts the review process.
From this point, the regulator typically has 240 days to decide whether to approve or reject the fund. The entire process could include public comment periods, amendments and multiple rounds of back-and-forth between the SEC and the ETF issuer.
Fidelity’s Solana ETF Faces Another Delay
In addition to the Truth Social ETF development, the SEC has also delayed its decision on Fidelity’s proposed spot Solana ETF. The application, which was initially filed by the Cboe BZX Exchange in March, has entered another public comment phase.
The agency has asked for responses within 21 days alongside rebuttals within 35 days and according to Bloomberg ETF analyst James Seyffart, the delay was expected.
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 added that while approvals are still a way off, the fact that the SEC is requesting amendments and encouraging re-filings shows that is is becoming more and more willing to engage with issuers.
“We’re still waiting for some sort of movement from the SEC on a generalized digital asset ETP framework,” Seyffart said.
He also pointed out that any continued dialogue, even if it’s just procedural, is a step forward for the crypto ETF market. In all, the SEC’s acknowledgment of Truth Social’s Bitcoin and Ethereum ETF proposal is more than just another entry in a long list of filings. It shows that digital asset ETFs are inching closer to mainstream approval.
While the process is still lengthy and full of regulatory hurdles, the tone of recent SEC interactions shows that things are moving in the right direction, however slowly. If approved, the ETF market could become filled with even more diversified crypto investment products as crypto becomes more and more recognized as a legitimate investment asset.
The post New Chapter in Crypto Regulation: Trump’s Truth Social, Bitcoin, and Ethereum ETF Could Be Close To Approval appeared first on Live Bitcoin News.