A crypto ETF, which the social media and technology company controlled by President Donald Trump is hoping to launch, has moved a step closer to creation.
The New York Stock Exchange has sought permission from the Securities and Exchange Commission to change a rule that would permit Trump Media and Technology Group Corp. (DJT) to list the exchange-traded fund. In a filing Tuesday that outlines the proposed fund’s currency custodians and price determination, the NYSE said the change will “prevent fraudulent and manipulative acts.”
Trump Media last week filed to issue the Truth Social Bitcoin and Ethereum ETF, a combined Bitcoin and Ethereum exchange-traded fund. The company has also proposed a separate Bitcoin ETF, the Truth Social Bitcoin ETF, and a $2.5 billion fundraise from institutional investors to create one of the largest Bitcoin treasury allocations by a public company.
The filing comes amid price jumps in both Bitcoin and Ether, the two biggest cryptocurrencies by market capitalization. President Trump, whose reelection campaign was supported with contributions from crypto industry heavyweights, has anointed himself the crypto president and supported pro-industry moves like creating a U.S. Bitcoin reserve.
Industry supporters hold key positions in the Trump administration, including Paul Atkins, who, as SEC chair, would have ultimate oversight over the ETF’s approval.
The proposed fund would hold both Bitcoin and the Ethereum network token, known as Ether, in a three-to-one ratio by value. The filing says the combined fund will function like the spot Bitcoin and spot Ether ETFs that began trading last year.
Investors have poured billions into spot Bitcoin ETFs since their early 2024 launch, and the iShares Bitcoin Trust (IBIT) ranks as the fastest-growing ETF to ever hit the market. Bitcoin has jumped 15% this year, more than triple the 4.2% gain in the S&P 500 as measured by the Vanguard S&P 500 ETF (VOO).
The iShares Ethereum Trust (ETHA) has dropped 27% this year but still has net inflows of $1.8 billion.
DJT is 52% controlled by a trust owned by President Trump, according to a February filing.
