The admiration of the US President, Donald Trump for digital assets has hit a new height following a new revelation by the United States Securities and Exchange Commission. According to a filing with the SEC, Trump’s Truth Social has filed for spot Bitcoin and Ethereum exchange-traded funds (ETH).
More so, the regulator confirmed the development on Monday. As indicated, the social media platform backed by Trump officially filed an S-1 for the dual ETF.
According to the filing, the Truth Social Bitcoin and Ethereum ETF will be backed by assets held by renowned cryptocurrency exchange, Crypto.com. However, the company has yet to disclose the cash custodian of the proposed ETFs.
In addition, the products are sponsored by American-First asset management company, Yorkville American Digital. Details from the document stated that Truth Social intends to list the ETF shares on the York Stock Exchange Arca (NYSE Arca).
At the moment, Truth Social through the filing revealed that the fund is yet to have an official ticker, while mentioning plans to file an amendment later.
However, news about Truth Social ETFs has been lingering around for a while. In April, Trump Media Group, the company operating Truth Social, Truth+ a streaming platform, and Truth.Fi a Fintech platform signed an agreement with Crypto.com and Yorkville America Digital to launch numerous ETFs.
Reports establish that the ETF will emanate from the Truth.Fi platform. Likewise, popular law firm, David Polk & Wardwell LLP advised the parties on the launch of the ETF.
How Truth Social BTC and ETH ETF emerged amidst massive filing for SOL ETF
Meanwhile, the Truth Social Bitcoin and Ethereum ETF filing coincides with a new S-1 filing by CoinShares for Solana spot ETF.
Also filed on Monday, CoinShares aims to launch a replica of its exchange-traded product (ETP) known as CoinShares Physical Solana Staked ETP which is currently available in Europe. With the filing, CoinShares intends to allow US investors to invest in Solana without facing risks that may stem from direct ownership of SOL.
Meanwhile, Bloomberg’s senior ETF analyst, Eric Balchunas disclosed that the filing from Coinshares now makes its 8 SOL ETF application on the SEC’s table. So far, investment firms like Fidelity Investments, 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, Canary Capital, and VanEck have all filed for Solana spot ETFs.
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