Trump Media’s Bitcoin and Ethereum ETF Enters SEC Approval Process
Main Idea
The SEC has begun reviewing Trump Media & Technology Group's proposal for a Bitcoin and Ethereum ETF, which would hold 75% Bitcoin and 25% Ethereum, offering exposure via NYSE Arca shares.
Key Points
1. The SEC has started the formal review process for Trump Media & Technology Group's Bitcoin and Ethereum ETF proposal.
2. The proposed ETF would consist of 75% Bitcoin and 25% Ethereum, allowing investors to gain exposure without owning the cryptocurrencies directly.
3. Foris DAX Trust Company, operating under Crypto.com, is named as the custodian, storing the assets offline to reduce security risks.
4. Yorkville America Digital is listed as the sponsor, responsible for managing the fund and overseeing its operations.
5. The Bitcoin portion will use the CME CF Bitcoin reference rate, while the Ethereum portion will utilize a similar CME CF reference rate.
Description
The US Securities and Exchange Commission (SEC) has acknowledged an application from the parent company of Truth Social Trump Media & Technology Group to launch a new exchange-traded fund (ETF) tied to Bitcoin BTC and Ethereum ETH .
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