NYSE Filing: Proposed Listing for Truth Social Bitcoin & Ethereum ETF
The New York Stock Exchange (NYSE) has submitted a proposed rule change enabling the listing of the Truth Social Bitcoin and Ethereum ETF proposed by Trump Media & Technology Group.
Details & Background
- Trump Media & Technology Group filed a prospectus for the BTC/ETH ETF just eight days ago, proposing a combined portfolio of 75% Bitcoin and 25% Ethereum.
- The filing represents a further expansion into the cryptocurrency sector by Trump Media.
- Crypto.com will serve as the custodian, execution agent, and liquidity provider for the ETF.
Regulatory Framework & Context
According to the SEC filing, the proposed rule change “is designed to prevent fraudulent and manipulative acts and practices.”
The 19b-4 application is a regulatory step that facilitates ETF consideration, but does not guarantee approval.
Political Influence
This filing occurs amid a shift in the SEC’s stance towards crypto under President Donald Trump’s administration.
Crypto industry supporters have previously held senior roles at the SEC, aligning with the administration’s views on digital assets.
Historical Context & Expansions
Yorkville America, previously partnered with Trump Media for a standalone Truth Social Bitcoin ETF filing earlier this year, plays a role in this latest filing.
Trump Media aims to develop a family of crypto-linked “America First” products, alongside the BTC and BTC/ETH ETFs already submitted.
Financial Position & Crypto Ties
Trump Media recently secured approximately $2.4 billion in funding aimed at crypto treasury initiatives, though significant asset holdings remain undisclosed.
The company owns Truth Social, Truth+, and Truth.Fi. President Donald Trump is a majority stakeholder in Trump Media & Technology Group.
Market Context
As of late May, Bitcoin was trading around $106,000. The crypto market had recently experienced a correction, below $100,000, following certain geopolitical tensions.
Ethereum was trading near $2,440 at the time of reporting.
