The Truth Social BTC and ETH fund furthers Trump Media’s increasing entwinement with crypto.
On Tuesday, the New York Stock Exchange filed a proposed rule change to allow the listing of an ETF from Trump Media & Technology Group, which would track Bitcoin and Ethereum, according to an SEC filing.
The application comes just eight days after Trump Media, through a partnership with Yorkville America, filed a prospectus for the Truth Social Bitcoin and Ethereum ETF, which would feature a 75% Bitcoin and 25% Ethereum holdings ratio.
“The Exchange believes that the proposed rule change is designed to prevent fraudulent and manipulative acts and practices in that the shares will be listed and traded on the exchange pursuant to the initial and continued listing criteria in NYSE,” the SEC filing reads.
Crypto.com will act as the custodian, execution agent, and liquidity provider.
The so-called 19b-4 rule changes are an important step in the regulatory process for considering ETFs, but do not obligate the SEC to approve a product.
It comes as the agency’s attitude toward crypto investments has pivoted to a more favorable stance under the new administration.
President Donald Trump has appointed crypto supporters to the regulator’s upper management echelon, who share his recent positions on digital assets.
The filing is not the first tie between Trump Media and Yorkville, which previously sponsored the entity’s filing for a standalone Bitcoin ETF in early June called the Truth Social Bitcoin ETF.
In addition to those two filings, the pair and Crypto.com aim to offer a suite of “America First” products, like the America First Bitcoin Fund (AFBF), America First Blockchain Leaders Fund (AFBLF), and the America First Stablecoin Income Fund.
To date, only the Truth Social Bitcoin ETF and the Truth Social Bitcoin and Ethereum ETF have filed with the SEC.
The Truth Social Bitcoin and Ethereum fund further entwines Trump Media with crypto.
In late May, it raised $2.4 billion to start its own Bitcoin treasury, though the company has yet to announce any acquisitions in the world’s largest digital asset.
Trump Media operates social media site Truth Social, a streaming platform called Truth+, and a financial technology brand called Truth.Fi. President Trump is a majority stakeholder in the firm.
Bitcoin was recently trading at $106,000, a 0.5% increase over the past 24 hours, according to CoinGecko data.
It dipped below $100,000 over the weekend for the first time since early May after the U.S. bombed Iran before rebounding as hostilities subsided.
Ethereum was changing hands at roughly $2,440, up about 1.1% since Monday.
