The US Securities and Exchange Commission (SEC) has accepted Trump Media & Technology Group's application to launch a Bitcoin and Ethereum exchange-traded fund (ETF), thus initiating the review period for its approval or rejection.
According to the application, the ETF will provide investors with exposure to Bitcoin (75%) and Ether (25%) through NYSE Arca-listed shares backed by the crypto assets.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
Foris DAX Trust Company (Crypto.com) will act as custodian, while Yorkville America Digital will act as sponsor.
The Truth Social ETF will calculate its net asset value daily, with the price of Bitcoin using the CME CF Bitcoin reference rate and Ether valued using the Ether CME CF reference rate, unless the sponsor determines otherwise.