SEC Greenlights Trump Media’s Bitcoin & Ethereum ETF Filing, Kicks Off Review Clock

By José Oramas July 09, 2025 In ETF, SEC, TMTG

ETF - Exchange Traded Fund text on wooden cubes, on white background — Source:AdobeStock

The SEC has accepted Trump Media’s bid for a Bitcoin and Ethereum ETF on NYSE Arca, kicking off its official review timeline.
Crypto.com’s Foris DAX Trust will custody the crypto assets, with Yorkville America Digital as sponsor; NAV will use CME CF reference rates.
Competition for crypto ETF approvals is heating up, but unclear SEC procedures may create delays, as seen with Grayscale’s recent multi-crypto ETF reversal.

The US Securities and Exchange Commission (SEC) has accepted Trump Media’s application to launch a new ETF tracking Bitcoin (BTC) and Ethereum (ETH), officially setting the regulatory timeline in motion for approval (or denial).

The proposed ETF would trade on NYSE Arca, giving investors direct exposure to a portfolio of cryptocurrencies composed of 75% BTC and 25% ETH.

Crypto.com’s parent company, Foris DAX Trust, has been named the custodian responsible for securing the underlying digital assets, while Yorkville America Digital will serve as the fund’s official sponsor.

SEC to Review Trump Media’s Crypto ETF

The ETF will calculate its net asset value (NAV) daily, using the widely recognised CME CF Bitcoin Reference Rate for its Bitcoin portion. This rate pulls trading data from multiple leading crypto exchanges to ensure accurate pricing.

Ethereum’s valuation within the fund will follow a similar CME CF reference rate, though the fund’s sponsor has reserved the right to choose a different benchmark at its discretion.

The SEC Under Pressure

There’s currently rising competition among ETF issuers seeking regulatory approval for crypto-backed products, which means the SEC is under a lot of pressure to meet demands. This is why the agency recently urged Solana ETF issuers to revise and resubmit their proposals.

But all things considered, there is still not a defined framework or procedure to move forward with these crypto-backed products, and that could cause a lot of back and forth for issuers (and their investors). A clear example is the SEC’s decision to backtrack on Grayscale’s multi-crypto ETF shortly after approving it.