Main to remember
- Truth Social has filed a file to launch a double ETF for Bitcoin and Ether.
- ETF aims to simplify investments using actions supported by cryptographic assets.
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Truth Social, which is part of the group belonging to President Donald Trump, Trump Media & Technology Group (TMTG), officially subjected an S-1 form to the SEC for its proposed Truth Social Bitcoin and ETF Et, a hybrid investment product offering an exposure to the two main digital assets.
The file, dated June 16, comes after Trump’s social media company created a trust entity in Nevada under the same name earlier this month. This decision indicates the company’s intention to offer an ETF that offers investment opportunities in Bitcoin and Ethereum.
Unlike Truth Social Bitcoin ETF, another fund recently proposed by Truth Social and focused only on Bitcoin, the new ETF would hold both Bitcoin and Ethereum, starting with an allowance of 3 to 1 promoting Bitcoin, according to the initial deposit.
This ratio is subject to a rebalancing at the discretion of the sponsor. The fund is sponsored by Yorkville America Digital, LLC, with Crypto Custody managed by Foris Dax Trust Company, LLC, an entity affiliated with crypto.com.
Yorkville America Digital is also the sponsor of the social bitcoin ETF and the FNB CRO marked by Canary Capital. The asset management company recently associated with TMTG and Crypto.com to introduce a series of ETF “Made in America”.
ETF shares are offered to be listed on the New York Arca Stock Exchange. The company has not yet finalized key details, including the fund’s tickr and the cash guard.
During the launch, the ETF will operate on a model of cash and buyout in cash. However, confidence reported its intention to rotate creations and redemptions in kind.
The SEC approved a certain number of Dual Bitcoin-Ethereum ETF following its historic authorization by Bitcoin Etf and Ethereum Etherum in the United States last year. These are Hashdex, Franklin Templeton and bit products on the bit.
Wall Street’s best security guard of securities should approve more FNB Crypto under the Trump administration, including those related to XRP, Solana, BNB and Tron, among others.
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