The “Truth Social Bitcoin and Ethereum ETF, B.T.” registered its S-1 form on June 16, 2025. Structured as a Nevada business trust, the fund will hold physical bitcoin (BTC) and ethereum ( ETH) in an approximate 3:1 value ratio, adjusting quarterly. Yorkville America Digital serves as sponsor, while Foris DAX Trust Company—an affiliate of Crypto.com—acts as custodian.

Shares will trade on NYSE Arca under an undisclosed ticker symbol. Authorized participants can create or redeem baskets of 10,000 shares using cash only initially, though in-kind transactions may follow pending the SEC’s regulatory approval. The fund targets performance tracking before fees, charging an annual sponsor fee of net asset value (NAV).

Notably, TMTG licensed its branding to Yorkville under a “digital asset mutual cooperation agreement” for marketing. The ETF qualifies as an “emerging growth company,” reducing certain disclosure requirements. The seed capital investor who was undisclosed, purchased initial shares ahead of the public offering.

Pricing will use CME’s bitcoin and ether reference rates—New York variant benchmarks. Foris DAX will also handle quarterly rebalancing. The filing acknowledges significant risks: crypto volatility, regulatory uncertainty, potential forks, and operational vulnerabilities like hacking. Staking remains prohibited unless future legal compliance is assured.

The SEC has dismissed recent enforcement actions against major crypto exchanges, but approval timing for this ETF is unclear. The fund’s launch depends on standard regulatory processes and market conditions.

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