US President Donald Trump’s social media platform, Truth Social, filed an S-1 kind with the US Securities and Change Fee to launch a dual exchange-traded fund (ETF) for Bitcoin and Ether.
Filed on Monday, the S-1 kind proposes the issuance and buying and selling of Truth Social Bitcoin and Ethereum ETF, sponsored by the asset administration agency Yorkville America Digital.
The belief seeks to supply buyers with publicity to each Bitcoin (BTC) and Ether (ETH) by providing shares backed by the crypto property, eradicating the complexities stemming from direct funding.
The shares are backed by BTC and ETH held by the custodian on behalf of the belief, Foris DAX Belief Firm, doing enterprise as Crypto.com, the prospectus reads.
Ticker and money custodian to be disclosed
The ETF shares are proposed to be listed on the New York Inventory Change Arca (NYSE Arca), in response to the submitting.
Whereas Truth Social has formally decided that Crypto.com shall be its devoted crypto custody supplier, the corporate is but to finalize the small print of the upcoming ETF, such because the fund’s ticker and its money custodian.
Truth Social additionally talked about that it plans to file an modification later with a abstract of the phrases of the prime execution company settlement with Crypto.com.
SEC approves Trump Media’s Bitcoin treasury registration
The submitting for the Truth Social Bitcoin and Ethereum ETF follows the approval of Trump Media and Know-how Group’s $2.3 billion Bitcoin treasury deal by the SEC on Friday.
Within the assertion, the corporate mentioned that it at present has “no rapid plans” to challenge any securities below the deal.
TMTG beforehand confirmed a $2.5 billion capital raise to purchase Bitcoin in late Could, after initially denying such experiences.
CoinShares files for Solana spot ETF
Truth Social’s Bitcoin and Ether ETF submitting arrived on the identical day as a brand new S-1 submitting by CoinShares, which proposed the issuance of a Solana (SOL) spot ETF.
Already operating an exchange-traded product (ETP) known as CoinShares Bodily Solana Staked ETP in Europe, CoinShares is now searching for to launch an identical ETF product within the US.
In accordance with Bloomberg’s senior ETF analyst Eric Balchunas, there at the moment are as much as eight Solana spot filings below the SEC’s consideration.
As of Friday, seven issuers filed initial S-1 registration statements for Solana spot ETFs, together with Constancy Investments, 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, Canary Capital and VanEck.
In accordance with Bloomberg ETF analyst James Seyffart, a Solana ETF approval is unlikely to occur this week.
Journal: US risks being ‘front run’ on Bitcoin reserve by other nations: Samson Mow
