Donald Trump’s social media platform, Truth Social, has taken a significant step into the crypto space by submitting an S-1 registration form to the U.S. Securities and Exchange Commission (SEC), aiming to launch a dual exchange-traded fund (ETF) focused on Bitcoin and Ethereum.
Filed this past Monday, the proposed ETF—officially titled the Truth Social Bitcoin and Ethereum ETF—would be managed by Yorkville America Digital, a digital asset investment firm. The fund is designed to give investors exposure to both BTC and ETH through publicly traded shares supported by the underlying crypto assets, offering a simplified entry point without the need for direct crypto ownership.
According to the filing, the trust’s digital assets will be held in custody by Foris DAX Trust Company, which operates under the Crypto.com brand. The listing is planned for the New York Stock Exchange’s Arca platform (NYSE Arca).
Final Details Pending
While Crypto.com has been confirmed as the ETF’s crypto custodian, other key components—such as the fund’s ticker symbol and its designated cash custodian—have yet to be finalized. Truth Social indicated that it would submit an amended filing in the near future, which will include the main terms of its execution agreement with Crypto.com.
Background: Trump Media’s Bitcoin Treasury Plans Approved
The ETF filing comes shortly after the SEC approved Trump Media & Technology Group’s $2.3 billion Bitcoin treasury strategy. While the company clarified that it doesn’t intend to issue securities under the approved plan immediately, it previously confirmed a $2.5 billion capital raise to acquire Bitcoin—an announcement that followed earlier denials of such plans.
CoinShares Joins the Race with Solana ETF Proposal
On the same day as Truth Social’s ETF filing, CoinShares submitted an S-1 to the SEC seeking approval for a spot Solana ETF. The firm already operates a staked Solana exchange-traded product in Europe and now aims to expand its offerings to U.S. investors.
Bloomberg analyst Eric Balchunas noted that the SEC is currently reviewing eight separate filings for Solana spot ETFs. Major players including Fidelity, Grayscale, Franklin Templeton, Bitwise, 21Shares, VanEck, and Canary Capital are all in the running. However, fellow Bloomberg analyst James Seyffart suggested that an approval for a Solana ETF is unlikely in the short term.
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