On June 16, Truth Social, owned by Trump Media & Technology Group, submitted an S-1 form to offer a Bitcoin and Ethereum ETF. The interesting part of this filing is that Crypto.com will function as a custodian and liquidity provider for this dual ETF.
The filing reads: “The Sponsor, TMTG, the Liquidity Provider and the Bitcoin and Ether Custodian have agreed to perform certain marketing and promotional activities on behalf of the Trust pursuant to a digital asset mutual cooperation agreement dated as of April 21, 2025.”
If approved, the newly launched Truth Social Bitcoin and Ethereum ETF, a Nevada-based trust, will hold Bitcoin and Ethereum in an initial 3:1 value ratio. Yorkville America Digital will manage it, and the ETF aims to track the performance of the two biggest cryptocurrencies.
Shares trade on NYSE Arca, with creations/redemptions in cash-only for now (in-kind pending regulatory approval). Only authorized participants (large broker-dealers) can create or redeem shares in blocks of 10,000 using cash. In-kind transactions (direct BTC/ETH exchanges) may be allowed later if regulators approve.
The ETF provides an easier way for investors to gain cryptocurrency exposure without directly managing wallets or private keys. However, unlike direct crypto ownership, shareholders won’t control the underlying assets.
Donald Trump Earns $57.4 Million from WLFI
Donald Trump’s interest in cryptocurrency has been surging after he was sworn in as U.S. president. World Liberty Financial, one of his crypto ventures, helped him earn approximately $57.4 million through token sales to investors.
The report states that, “(Trump) Primarily owns the WLFI protocol and governance platform and related token treasury, digital wallets, and intellectual property. Has rights to certain service agreements with the founders of World Liberty Financial as of December 31, 2024.”
The news comes amid the wave of Solana ETF filings after the SEC asked issuers to update their S-1 filings within one week, indicating active dialogue between the regulator and market participants.
According to Bloomberg analysts, the possibility of Solana ETF on its deadline, which is set for July 2, revolves around 90%.
Also Read: CoinShares Files S-1 Filing to SEC for Solana Spot ETF
