Trump Media’s ETF for Bitcoin-Ethereum moves forward; rule change filed by NYSE
The NYSE has made a request to the SEC to accept a Bitcoin ETF. This ETF will be owned by Trump Media and Technology Group. This company was founded by Donald Trump.
Recent Securities and Exchange Commission (SEC) filings reveal that the cryptocurrency ETF will be called Truth Social Bitcoin and Ethereum ETF. Further, the allocation will be 75% Bitcoin and 25% Ethereum. Crypto.com will be the main custodian of the fund, trade execution agent, and liquidity provider.
Less than a week after the Trump Media company filed its first prospectus with Yorkville Advisors comes this change. The application for the ETF is going through the SEC’s 19b-4 process, a requirement for new listings, which doesn’t guarantee approval.
In order to protect investors against fraud and manipulation, the existing NYSE and SEC regulation of the listing will stay in place. The exchange also indicated that the product meets the initial and ongoing compliance listing standards.
This is not the first crypto initiative from Trump Media. At the beginning of the month, the firm filed for a Bitcoin ETF by its own Yorkville. They plan to develop a range of politically themed digital asset products under the “America First” brand. These are the America First Bitcoin Fund, the Blockchain Leaders Fund, and the Stablecoin Income Fund—although only Truth Social ETFs have been officially filed with the SEC.
The White House has recently become more crypto-friendly with the ETF push. Donald Trump’s appointment of pro-crypto voices to key financial regulatory positions has signaled a shift of the U.S. government’s regarding the crypto market.
Trump Media made headlines in the past for disclosing intentions to raise $2.4 billion for a Bitcoin treasury. However, there has been no disclosure of any Bitcoin purchases thus far. Yet, the recent filings indicate that the firm is moving ahead with a large-scale crypto investment rollout targeting a wider user base, including retail and institutional investors.
As the NYSE makes a proposal to the SEC, crypto is watching closely. A green light will further establish Trump Media’s role in crypto, further making digital assets mainstream, making it one step closer to that.
