The US Securities and Exchange Commission (SEC) has acknowledged an application from the parent company of Truth Social Trump Media & Technology Group to launch a new exchange-traded fund (ETF) tied to Bitcoin
$108,119.39
and Ethereum
$2,543.74
.
This step starts the formal review process, during which the SEC must decide whether to approve or reject the proposal.
The fund aims to give investors access to Bitcoin and Ethereum through shares listed on the NYSE Arca exchange. According to a July 7 filing, about three-quarters of the fund’s assets would be held in Bitcoin, with the rest in Ethereum.
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This structure would let investors gain exposure to both cryptocurrencies without having to own them directly.
Foris DAX Trust Company, which operates under the Crypto.com
$1.96B
brand, is named as the custodian. It will keep the Bitcoin and Ether in separate accounts from other clients, and the private keys for these assets will be stored offline to reduce security risks.
Yorkville America Digital is listed as the sponsor, responsible for managing the fund and overseeing its operations.
The Bitcoin portion will use the CME CF Bitcoin reference rate, which averages trade data from several large crypto exchanges. The Ethereum portion will utilize a similar CME CF reference rate unless the sponsor decides to employ a different method.
Recently, a crypto firm linked to President Donald Trump and his family, World Liberty Financial (WLFI), has taken action against an unofficial Trump-branded crypto wallet. What did the company say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
