Oh, the farce is on, mes amis! The U.S. Securities and Exchange Commission, that venerable institution of financial rectitude, has deigned to acknowledge the filing of President Trump’s Truth Social to list its very own Bitcoin ETF on the NYSE. But, alas, do not pop the champagne corks just yet, for this merely means the application shall be reviewed, not necessarily approved or allowed to trade. The suspense is killing us, n’est-ce pas? 😏
According to the filing, this ETF shall invest directly in Bitcoin, that most mercurial of cryptocurrencies, and track its price with all the fervor of a lovesick suitor. The ETF shall issue shares representing partial ownership of the Bitcoin held by the Trust, rather like a feudal lord granting vassals a portion of his lands. And, of course, these shares shall be listed under the NYSE Arca Rule 8.201-E, because what’s a trust without a few rules to govern it, eh? 📜
But wait, dear friends! Trump Media’s original S-1 filing mentioned the fund would be investing in both Bitcoin and Ethereum, those twin titans of the crypto world. Yet, the SEC notice only refers to the “Truth Social Bitcoin ETF”, leaving Ethereum to pine away like a jilted lover. It seems the agency is only reviewing the Bitcoin portion for now, rather like a cautious suitor testing the waters before proposing marriage. 💍
Fear not, dear investors, for the holdings shall be held by Foris DAX Trust Company, LLC, also known as Crypto.com, those paragons of cryptocurrency virtue. They shall act as custodian of the fund, safeguarding the Bitcoin with all the zeal of a dragon guarding its treasure hoard. And, of course, all the bitcoin shall be kept offline in cold storage, because what’s a treasure without a secure vault to store it in, eh? 🔒
The fund’s net asset value (NAV) shall be calculated daily by the Trust Administrator, rather like a diligent accountant tallying up the day’s receipts. And, naturally, the CF Benchmarks Index shall provide the daily USD price of Bitcoin, based on the trading activity of several crypto exchanges, because what’s a price without a benchmark to measure it against, n’est-ce pas? 📊
And so, dear friends, this fund shall allow investors to invest in Bitcoin without the hassle of purchasing or taking ownership of it themselves, rather like a convenient valet service for the crypto-averse. But, of course, the SEC must first approve the S-1 registration and the 19b-4 proposed rule change, because what’s a fund without a few regulatory hurdles to clear, eh? 🏆
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2025-06-16 21:41