SEC Acknowledges Trump Media Bitcoin and Ether ETF

The ETF’s launch would coincide with the growing momentum in the crypto ETF space and speculation about a more streamlined SEC approval process. While Trump Media’s application progressed, the SEC delayed Fidelity’s Solana ETF by reopening public commentary. Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) continues to dominate the market, and even recently surpassed 700,000 BTC in holdings. Additionally, it drove 42% of last week’s crypto ETF inflows. Crypto investment products saw $1.04 billion in total weekly inflows, with Ethereum posting its 11th consecutive week of gains. Investor sentiment also still looks optimistic, buoyed by strong institutional demand, record AUM, and Bitcoin’s recovery.

SEC Starts Review of Trump Media Crypto ETF

The US Securities and Exchange Commission (SEC) formally acknowledged Trump Media's application to launch a dual Bitcoin and Ethereum exchange-traded fund (ETF), triggering the regulatory countdown for the agency to make a decision on the proposal. The ETFwill  be listed on NYSE Arca, and give investors direct exposure to the two leading cryptocurrencies. 

It will allocate 75% of its holdings to Bitcoin and 25% to Ether. According to the filing, Crypto.com’s Foris DAX Trust Company will serve as the custodian, and Yorkville America Digital will sponsor the fund.

The ETF’s valuation will rely on the CME CF reference rates, with Bitcoin tracked via the CME CF Bitcoin Reference Rate and Ethereum via the CME CF Ether Reference Rate, unless otherwise decided by the sponsor. To boost security, the fund’s crypto assets will be stored in cold storage and held in separate accounts from other customers.

This development happened during a wave of crypto ETF applications and speculation that the SEC may soon streamline its ETF approval process through a simplified listing structure. Under the proposed structure, issuers would only need to file a Form S-1 and wait 75 days, during which the SEC can object. Trump Media initially submitted its S-1 form for the crypto ETF on June 16, and this latest update indicates a step forward in the process.

Meanwhile, Fidelity’s proposed Solana ETF was delayed once again by the SEC, which has opened a new public comment period. Interested parties now have 21 days to respond and 35 days to submit rebuttals. The application to list the fund was originally submitted by Cboe BZX Exchange on March 25. Bloomberg ETF analyst James Seyffart said that the delay was anticipated and tied it to the broader lack of clarity around a comprehensive digital asset exchange-traded product framework.

Despite the delay, Seyffart still believes that recent SEC interactions, including requests for amendments to SOL ETF filings, should be interpreted as a constructive sign. While not approvals, the back-and-forth between the agency and ETF issuers means that there is ongoing engagement with the crypto ETF landscape.

BlackRock Bitcoin ETF Tops 700K BTC

Another crypto ETF is also turning heads. BlackRock’s spot Bitcoin ETF surpassed a major milestone as it now holds over 700,000 BTC, valued at approximately $75.5 billion. This achievement happened after its $164.6 million inflow on Monday, bringing the fund’s total holdings to 700,307 BTC according to Apollo co-founder Thomas Fahrer. 

BlackRock’s iShares Bitcoin Trust (IBIT) launched in January of 2024, and it saw very rapid growth. In fact, it currently represents over 55% of the total Bitcoin held across all US spot Bitcoin ETFs. Data from BlackRock’s own website shows the fund added 1,388 BTC in just two trading sessions, up from 698,919 BTC last Thursday. Since its inception, IBIT delivered a return of 82.67%.

The success of IBIT is not only measured in holdings and performance. Reports suggest BlackRock is now earning more revenue from its Bitcoin ETF than from its flagship iShares Core S&P 500 ETF. This means that there is a dramatic shift in investor appetite towards digital assets over traditional equities.

Demand for Bitcoin by major financial institutions continues to outpace supply. According to Galaxy Research, US Bitcoin ETFs and Michael Saylor’s Strategy together acquired $28.22 billion worth of BTC in 2025. This overshadows the $7.85 billion worth of new Bitcoin that was issued by miners during the same period. The aggressive accumulation outpaced supply every month this year except February, when the combined entities offloaded $842 million in Bitcoin.

At the same time, regulators seem to be softening their stance on crypto-related ETFs. This regulatory momentum follows the launch of the REX-Osprey Solana and Staking ETF, the first US ETF to offer exposure to a staked crypto asset. The product allows investors to gain exposure to SOL while also benefiting from its staking rewards.

BlackRock Drives 42% of Crypto Inflows

Cryptocurrency investment products continued to attract strong capital inflows last week, despite the heightened market volatility that affected major cryptos like Bitcoin and Ethereum. According to a report from CoinShares, global crypto exchange-traded products recorded $1.04 billion in inflows for the week ending Friday, pushing year-to-date inflows to nearly $19 billion. This is a new historical record. Assets under management in crypto ETPs also reached an all-time high of $188 billion, up from $184.4 billion the previous week.

Weekly crypto asset flows (Source: CoinShares)

Bitcoin products led the charge after bringing in $790 million, and accounting for 76% of the total inflows. However, inflows into Bitcoin products were still lower than the $1.5 billion weekly average that was seen over the previous three weeks. CoinShares’ head of research James Butterfill attributed this slowdown to investors adopting a more cautious approach as Bitcoin nears its previous all-time highs.

Meanwhile, Ethereum investment products saw their 11th consecutive week of inflows, with $225 million added. Butterfill pointed out that Etheeumr’s weekly inflows averaged 1.6% of assets under management, outpacing Bitcoin’s 0.8%. A big portion of the total crypto inflows was funneled through BlackRock’s crypto funds, which brought in $436 million, or 42% of last week’s total issuer inflows.

(Source: CoinShares)

The United States dominated regional inflows once again by bringing in $1 billion despite markets being closed last Friday for the July 4th holiday. Germany and Switzerland followed with inflows of $38.5 million and $33.7 million, respectively. In contrast, Canada and Brazil recorded outflows of $29.3 million and $9.7 million. Canada’s outflows happened in the same month that local issuer 3iQ launched a spot XRP ETF on the Toronto Stock Exchange.

Despite the volatility, investor sentiment remained bullish, with the Cryptocurrency Fear & Greed Index holding at 66, firmly in “Greed.” Bitcoin’s price dipped as low as $105,400 last Tuesday before rebounding above $110,000 by Thursday. 

BTC’s price action over the past week (Source: CoinMarketCap)