news 
Title: Trump Media Seeks SEC Nod for Bitcoin and Ether-Backed ETF
Trump Media has made a significant move in the cryptocurrency investment sector by seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that tracks the price of both Bitcoin and Ether. The proposed ETF, if approved, would be listed on the NYSE Arca and hold 75% of its assets in Bitcoin and 25% in Ether.
The filing, which has been officially accepted by the SEC, marks a significant milestone for Trump Media’s entry into the cryptocurrency investment sector. According to reports, Crypto.com will serve as the custodian, while Yorkville America Digital will act as the fund sponsor, handling operational and compliance aspects.
It is crucial for investors to understand that this proposed ETF would employ CME CF reference rates for calculating the value of Bitcoin and Ether daily. This ensures consistency in valuation methodology. The asset manager has also highlighted its commitment to transparency in its methodology, which is seen as a positive step towards investor trust.
The recent delay by the SEC on Fidelity’s proposed Solana ETF proposal could be indicative of an increased regulatory engagement with digital assets. Trump Media’s inclusion in this process underscores the growing importance of regulated cryptocurrency products.
Trump Media’s Bitcoin and Ether-Backed ETF would offer institutional and retail investors a new avenue for accessing cryptocurrency markets through listed shares on NYSE Arca. This move is seen as a positive step towards mainstreaming digital assets into traditional financial systems.
Source: coincentral.com
