The U.S. Securities and Exchange Commission (SEC) has officially accepted Trump Media’s S‑1 filing for a combined Bitcoin and Ethereum exchange-traded fund (ETF), initiating the agency’s review timeline—typically 45 days to approve or reject the proposal. This move places Trump Media in the growing queue of firms vying to launch crypto-linked ETFs on U.S. markets.
ETF Structure: 75% Bitcoin, 25% Ether Allocation
The proposed ETF intends to offer investors exposure to Bitcoin and Ether via shares listed on NYSE Arca. According to the filing, the fund will allocate approximately 75% of its assets to Bitcoin and 25% to Ether, creating a balanced crypto portfolio within a single investment vehicle.
Custodial duties are designated to Foris DAX Trust Company—operating under the Crypto.com brand—while Yorkville America Digital has been named as the sponsoring asset management firm. The filing emphasizes that all digital assets will be held in cold storage, with private keys kept offline and segregated in dedicated accounts separate from those of other clients.
NAV Calculation and Reference Rates
Truth Social, part of the Trump Media family, proposes a daily net asset value (NAV) assessment for the ETF. Bitcoin valuations will rely on the CME CF Bitcoin reference rate, which aggregates trade data from key cryptocurrency exchanges. Ether valuations will similarly employ the CME CF Ether reference rate, “unless otherwise determined by the Sponsor at its sole discretion.”
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A Wave of Crypto-ETF Activity
This filing emerges amid a surge of crypto-ETF proposals. The SEC is reportedly considering a streamlined listing structure that could automate much of the approval process, possibly expediting future ETF launches. Trump Media’s submission follows its initial S‑1 filing on June 16, marking its official entry into the dual-token ETF race.
As the SEC reviews this newly submitted S‑1, market participants and crypto observers will be watching closely. Approval could mark a major step forward in democratizing crypto access via regulated U.S. financial markets.
