Former U.S. President Donald Trump's social media platform Truth Social has submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC), planning to launch a dual exchange-traded fund (ETF) targeting Bitcoin (BTC) and Ethereum (ETH).
The S-1 form was submitted on Monday, proposing the issuance and trading of the Truth Social Bitcoin and Ethereum ETF, sponsored by asset management company Yorkville America Digital.
The trust aims to provide investors with exposure to Bitcoin (BTC) and Ethereum (ETH) by offering shares backed by crypto assets, eliminating the complexities associated with direct investment.
The prospectus indicates that these shares are backed by BTC and ETH held by a custodian on behalf of the trust, with the custodian being Foris DAX Trust Company, operating under the name Crypto.com.
According to the documents, ETF shares are intended to be listed on the NYSE Arca.
Truth Social has officially identified Crypto.com as its dedicated crypto asset custodian, but the company has not finalized details of the upcoming ETF, such as the fund's ticker symbol and its cash custodian.
Truth Social also mentioned plans to submit an amendment later summarizing the terms of the primary execution agency agreement with Crypto.com.
The application for the Truth Social Bitcoin and Ethereum ETF was submitted after the SEC approved a $2.3 billion Bitcoin treasury trade for Trump Media and Technology Group (TMTG) on Friday.
The company stated that there are currently "no immediate plans" to issue any securities under that transaction.
TMTG previously confirmed a $2.5 billion capital raising plan for purchasing Bitcoin at the end of May, after having denied related reports.
The Truth Social Bitcoin and Ethereum ETF application was submitted on the same day as CoinShares' new S-1 application, which proposed the issuance of a Solana (SOL) spot ETF.
CoinShares has been operating an exchange-traded product (ETP) in Europe called CoinShares Physical Solana Staked ETP and is now seeking to launch a similar ETF product in the U.S.
According to Bloomberg's senior ETF analyst Eric Balchunas, the SEC is currently considering up to eight applications for Solana spot ETFs.
As of Friday, seven issuers have submitted preliminary S-1 registration statements for Solana spot ETFs, including Fidelity Investments, 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, Canary Capital, and VanEck.
According to Bloomberg ETF analyst James Seyffart, it is unlikely that the Solana ETF will be approved this week.
Related: Seven Solana ETF applicants submit S-1 filings, set to engage in further "showdowns" with the SEC
Original article: “Trump's Truth Social Submits S-1 Application to Launch Bitcoin (BTC) and Ethereum (ETH) Dual ETF”
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