Yorkville America Digital, LLC, in partnership with Trump Media & Technology Group (TMTG) – the company behind President Donald Trump’s “free speech” social media platform Truth Social – has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch the Truth Social Crypto Blue Chip exchange-traded fund (ETF).
Amid the swirling mists of political and financial intrigue, Yorkville and TMTG have embarked on a grand adventure, proposing a crypto ETF that could either be the dawn of a new era or a spectacularly misguided venture. 🌌
//news.bitcoin.com/president-trump-declares-end-to-bidens-crypto-war-pledges-us-bitcoin-dominance/”>Trump
was banned elsewhere. The ETF’s primary assets will be bitcoin (70% target), ether (15%),
solana
(8%), cronos (5%), and
(2%), held by custodian Foris DAX Trust Company, LLC.
Shares will be issued and redeemed only in large blocks called “baskets” of 10,000 or multiples, exclusively by authorized broker-dealers. Initially, creations and redemptions will involve cash exchanges with affiliate liquidity provider Foris DAX, Inc., pending regulatory approval for in-kind transactions. 🤑
The trust’s sole recurring fee is the sponsor’s fee, set at an annualized rate of a percentage of net asset value (NAV), accruing daily and payable quarterly. This fee covers most administrative costs; the sponsor will also pay organization and initial offering expenses. Extraordinary expenses would be borne by the trust. 🧮
Significant risks disclosed in the regulatory filing include crypto market volatility, regulatory uncertainty, potential security characterization of assets, operational threats like hacking, and tax treatment complexities. The trust is currently prohibited from earning staking rewards and notably will abandon rights from forks or airdrops. The filing insists it qualifies as an “emerging growth company,” reducing some reporting burdens. 🚧
Anchorage Digital Bank NA is named cash custodian, while CF Benchmarks Ltd. will provide daily pricing rates. Quarterly rebalancing is planned to maintain target allocations. The SEC must declare the registration effective before sales can commence, marking a significant financial product move for President Trump’s Truth Social ecosystem. 🎉
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2025-07-08 20:03