SEC formally accepts Trump Media's Bitcoin spot ETF filing

Key Takeaways

• The SEC has acknowledged a filing for a Bitcoin spot ETF from NYSE Arca, linked to Truth Social.
• The proposed ETF will use CF Benchmarks Index for Bitcoin valuation and will be custodied by Foris DAX Trust Company LLC.

The SEC has acknowledged a filing from NYSE Arca to list and trade shares of the Truth Social Bitcoin ETF. While the move does not guarantee approval, it signals the start of the formal review process.

The proposed ETF, sponsored by Yorkville America Digital LLC, aims to track Bitcoin’s price performance before expenses and liabilities. Foris DAX Trust Company LLC will serve as the Bitcoin custodian.

Truth Social, the media entity operating under Trump Media Technology Group (TMTG), filed an S-1 for its spot Bitcoin ETF earlier this month, after NYSE Arca submitted a Form 19b-4 to list and trade shares of the fund.

Earlier today, Truth Social submitted a Form S-1 to the SEC for a new ETF, the Truth Social Bitcoin and Ethereum ETF . The hybrid fund, proposed to list on the NYSE Arca, aims to invest in both Bitcoin and Ethereum, initially with a 3-to-1 ratio favoring Bitcoin.

The filings come after the SEC approved 11 spot Bitcoin ETFs in January 2024, including products from firms like Grayscale, BlackRock, Fidelity, and Franklin Templeton. The regulator found that those ETFs had adequate measures to prevent fraud and manipulation through surveillance-sharing agreements with CME’s Bitcoin futures market.