- The U.S. Securities and Exchange Commission (SEC) has officially acknowledged the ETF filing by Truth Social, signaling the beginning of the formal review period.
- The proposed ETF is a dual spot product—tracking both Bitcoin and Ethereum—filed under ticker symbol TBT(working title).
- The product is sponsored by Yorkville America Digital with custody services provided by Crypto.com.
- This ETF combines crypto markets, institutional finance, and U.S. politics—marking a notable shift in the ETF landscape.
Read the original report on Cointelegraph.
What Just Happened?
On July 8, 2025, the SEC officially acknowledged the ETF application submitted by Truth Social, the media company owned by Trump Media & Technology Group (TMTG). The application, filed in June, seeks approval for a spot ETFthat would hold both Bitcoin (BTC) and Ethereum (ETH).
The acknowledgment triggers a statutory review period of up to 240 days under Rule 19b-4 of the Securities Exchange Act. That means a final decision must be made by March 5, 2026, unless new legislation or fast-track procedures intervene.
➡️ FXStreet also covered the SEC acknowledgment.
Why Is This ETF Unique?
1. Dual Crypto Exposure
While the SEC has approved spot Bitcoin ETFs (January 2024) and more recently spot Ethereum ETFs (June 2025), this is the first proposal to bundle both in a single vehicle. It would allow institutional investors to access BTC and ETH through one balanced product.
2. Political Overtones
Truth Social, led by Donald Trump, is deeply intertwined with U.S. political narratives. Approval could:
- Be framed as a pro-crypto policy victory under a possible second Trump administration.
- Open the door for media-finance hybrids to enter digital asset markets.
- Spark partisan debates around crypto legitimacy and national policy.
3. Regulatory Timing
This application coincides with the SEC’s new ETF disclosure guidelines, published on July 7, which aim to streamline approvals and standardize risk communication. Some legal analysts believe this could shorten the review timeline to ~75 days for future applications.
📰 See Reuters’ coverage of the new SEC guidelines.
Market Reactions
| Asset | July 7 Close | July 8 Intraday | % Move |
|---|---|---|---|
| BTC | $97,450 | $97,800 | +0.36% |
| ETH | $6,320 | $6,345 | +0.40% |
Crypto markets reacted modestly, suggesting that the move was already priced in. Ever since the SEC’s January 2024 greenlight for BTC spot ETFs, the market has been anticipating a slow but steady expansion of allowable ETF structures.
Expect a stronger reaction only if:
- The SEC signals early approval (e.g. Q4 2025), or
- Political sentiment around Truth Social changes rapidly during the U.S. election cycle.
Forward Scenarios
Timeline of Key Events
| Phase | Action | Expected Date |
|---|---|---|
| Acknowledged | Start of SEC clock | July 8, 2025 |
| 1st Deadline | 45-day decision window | Aug 22, 2025 |
| Final Deadline | Max 240-day limit | Mar 5, 2026 |
Approval Probabilities
| Scenario | Probability | Impact |
|---|---|---|
| Standard Delay + Approval | 60% | Modest institutional flows |
| Early Approval (Q4 2025) | 20% | Strong BTC/ETH rally |
| Political Blockade or Rejection | 20% | Legal battles, media firestorm |
Structural Risk Factors
| Issue | Commentary |
|---|---|
| Custody Risk | Crypto.com must pass rigorous audits and demonstrate asset segregation. |
| Market Surveillance | The SEC will require detailed surveillance-sharing agreements to prevent manipulation. |
| ETH Staking Complexity | Inclusion of ETH may require disclosures on validator selection, slashing risk, etc. |
| Political Pressure | With U.S. elections in 2026, this ETF could become a symbolic wedge issue. Expect lobbying and activist commentary. |
RatEx42 Insights: What This Means for Investors
- Trend Confirmation: We’re witnessing a normalization of crypto in U.S. capital markets. A BTC/ETH combo ETF may become a new benchmark for digital asset allocations in pension funds and robo-advisors.
- Political Leverage: The Truth Social ETF isn’t just a financial instrument—it’s a political communication tool in disguise.
- Portfolio Implication: For professional allocators, this product could streamline crypto exposure without picking winners. Watch for 60/40 strategies adopting it as a macro-hedge or thematic growth tool.
Further Reading
- Cointelegraph – Truth Social Bitcoin & Ethereum ETF Acknowledged
- FXStreet – SEC acknowledges Trump’s dual crypto ETF
- Reuters – SEC ETF Guidance Overview
- CryptoRank – ETF Tracker
🧭 Stay tuned on RatEx42.com for updates on regulatory shifts, ETF trends, and crypto adoption across political lines.
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