SEC Begins Review of Trump Media’s Bitcoin and Ether ETF

The U.S. SEC has formally accepted Trump Media’s application for a Bitcoin and Ethereum exchange-traded fund (ETF), beginning the countdown for a decision on the proposed product. According to the filing, the ETF would offer investors exposure to both Bitcoin and Ether through shares listed on NYSE Arca, with an allocation of 75% to Bitcoin and 25% to Ether.

Foris DAX Trust Company, operating as Crypto.com, will serve as the custodian for the ETF, while Yorkville America Digital will act as the sponsor. The application arrives amid a surge of crypto ETF filings, with the SEC reportedly considering a simplified approval structure to streamline the review process for crypto-based ETFs.

The proposed ETF from Trump Media’s Truth Social platform is designed to provide daily valuations of its crypto holdings using the CME CF Bitcoin and Ether reference rates, ensuring transparent pricing aligned with aggregated trade data from multiple crypto exchanges. The filing also outlines strict custody procedures, stating that Bitcoin and Ether holdings will be stored in cold wallets, separated from other customer assets under Crypto.com’s custody.

Fidelity’s Solana ETF Faces Further DelayWhile Trump Media’s ETF application advances, the SEC has once again delayed its decision on Fidelity’s proposed spot Solana ETF. The regulator has opened a new public comment window, seeking responses within 21 days and rebuttals within 35 days, extending the review process for one of the first proposed Solana ETFs in the U.S.

Fidelity’s application, initially filed by Cboe BZX Exchange on March 25, has become a closely watched case within the crypto community

Bloomberg ETF analyst James Seyffart commented on X that the delay was “expected” and noted that a broader crypto ETP (exchange-traded product) framework from the SEC remains pending.

Signs of SEC Progress on Crypto ETFs

Despite the delay for Fidelity, industry analysts see encouraging signs of movement from the SEC on crypto-related ETFs

Seyffart highlighted reports that the agency is asking issuers of Solana spot ETFs to amend and refile applications by the end of the month, suggesting ongoing engagement rather than outright rejection.

“Any sort of interactions between the SEC and issuers or exchanges should be viewed positively,” Seyffart noted. He added that while these amendments do not signal immediate approvals, they indicate a willingness by the regulator to advance discussions on crypto ETPs.

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