US regulators have kicked off the formal review of a new spot‑crypto fund. Investors won’t know for sure if it clears the hurdles until the US Securities and Exchange Commission makes a final call. But the filing itself signals growing acceptance of directly held crypto products.
ETF Application Sparks Interest
According to the SEC filing, Trump Media’s Truth Social unit wants an ETF listed on NYSE Arca with 75% in Bitcoin and 25% in Ether. Yorkville America Digital would sponsor the fund, while Foris DAX Trust Company—Crypto.com’s custody arm—would hold the coins. US President Donald Trump’s team submitted the S‑1 form on June 16, starting what is likely a 45‑day review clock.
Custody And Valuation Rules
Based on reports, the fund would value Bitcoin each trading day using the CME CF Bitcoin reference rate. Ether would use the CME CF Ether rate, unless the sponsor chooses another source. Private keys for both assets would sit in a cold wallet, kept separate from customer accounts. That setup aims to address long‑standing worries over hacks, theft and tangled custody failures.
A Crowd Of Competing Bids
Wall Street giants like BlackRock and Fidelity have filed pure‑Bitcoin ETF applications. Some firms are eyeing Ether‑only funds. Now a dual‑asset product is in the mix. If the SEC finalizes its planned “automated” listing framework, reviews could shrink from many months to a few. That rule would standardize disclosures, custody standards and market‑integrity checks for all spot‑crypto ETFs.
Meanwhile, Fidelity’s spot‑Solana ETF hit another delay. The SEC pushed back its March 25 application and opened a new public‑comment window—21 days for feedback, 35 days for replies. Bloomberg analyst James Seyffart called this hold‑up “expected,” noting it shows the agency is still fine‑tuning data and disclosures before any approvals.
What Comes Next For Investors
Now the ball is in the SEC’s court. Regulators can sign off, send back comments or reject the bid. If leadership keeps up the push for faster, automated reviews, spot‑crypto ETFs might reach market this year. Until then, every move—from amendment requests to public comments—will matter for funds backed by Bitcoin, Ether and beyond.
ETF Race Intensifies
At stake is more than branding. Fees, trading speed and trust in custody will shape which funds win big money. And sponsors will need muscle to stand out in a growing field of nearly 10 proposals. Investors should keep a close eye on filings and deadlines to know when to act.
The race launched with Trump Media’s Truth Social filing, and it may well end—with approval or denial—under its banner. Truth Social’s entry has put a fresh spin on the push for regulated crypto products.
Featured image from Getty Images, chart from TradingView
