In the grand tapestry of life, where the threads of fate are constantly intertwined, a most intriguing development has occurred. The Truth Social platform, that bastion of free speech and unbridled opinion, has filed an S-1 form with the US Securities and Exchange Commission. The purpose of this filing, dear reader, is to launch a dual exchange-traded fund (ETF) for those most mercurial of cryptocurrencies, Bitcoin and Ether.
As the sun rose over the horizon on Monday, the S-1 form was filed, proposing the issuance and trading of Truth Social Bitcoin and Ethereum ETF, sponsored by the asset management firm Yorkville America Digital. The trust, a veritable vessel of hope and promise, seeks to provide investors with exposure to both Bitcoin (BTC) and Ether (ETH) by offering shares backed by the crypto assets, thereby removing the complexities stemming from direct investment.
The shares, those ephemeral wisps of value, are backed by BTC and ETH held by the custodian on behalf of the trust, Foris DAX Trust Company, doing business as Crypto.com, the prospectus reads. Ah, but what’s in a name, dear reader? Is it not the substance that truly matters?
The ETF shares, those tantalizing tidbits of possibility, are proposed to be listed on the New York Stock Exchange Arca (NYSE Arca), according to the filing. And yet, as the saying goes, “the devil is in the details.” For while Truth Social has officially determined that Crypto.com will be its dedicated crypto custody provider, the company is yet to finalize the details of the upcoming ETF, such as the fund’s ticker and its cash custodian.
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According to Bloomberg’s senior ETF analyst Eric Balchunas, there are now up to eight Solana spot filings under the SEC’s consideration. Ah, the suspense is killing me, dear reader! 😱
As of Friday, seven issuers filed initial S-1 registration statements for Solana spot ETFs, including Fidelity Investments, 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, Canary Capital, and VanEck. Ah, the list goes on and on, dear reader! 📝
And finally, according to Bloomberg ETF analyst James Seyffart, a Solana ETF approval is unlikely to happen this week. Ah, but what’s a little disappointment between friends, eh? 😔
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2025-06-16 17:01