Michaela
The New York Stock Exchange (NYSE) has submitted a proposed rule change seeking approval to list a new Bitcoin and Ethereum ETF backed by Trump Media & Technology Group. If given the green light, the fund would track the prices of both BTC and ETH, marking a bold entry into the crypto market by the media company founded by President Donald Trump.
According to the filing, the proposed rule change emphasizes safeguards against fraud and market manipulation, noting that any exchange-traded fund (ETF) shares would be subject to the NYSE’s established listing and trading standards, both at the time of launch and throughout the fund’s lifecycle.
Just over a week after Trump Media partnered with Yorkville America Digital to file a prospectus for the Truth Social Bitcoin and Ethereum ETF. The ETF, if approved, would allocate 75% of its assets to Bitcoin and 25% to Ethereum, offering investors a blended exposure to the two leading cryptocurrencies.
The 19b-4 rule change represents a critical milestone in the ETF approval process, initiating formal review by regulators. However, it does not guarantee that the U.S. Securities and Exchange Commission (SEC) will ultimately authorize the product for market listing.
Last week, Truth Social, the social media platform owned and operated by Trump Media filed an S-1 registration with the SEC. On June 16, the social media platform filed an S-1 registration with the SEC for a new crypto ETF that would offer investors exposure to Bitcoin and Ethereum.
The proposed fund seeks to simplify access to the two leading digital assets by offering shares tied directly to their value, eliminating the complexities of holding crypto outright.
According to the filing, Foris DAX Trust Company, better known as Crypto.com, has been designated as the exclusive crypto custodian for the proposed Truth Social Bitcoin and Ethereum ETF.
The fund, which plans to list on NYSE Arca, will be backed by holdings in both cryptocurrencies. While some specifics, including the ETF’s ticker and designated cash custodian, have yet to be revealed, Crypto.com’s role in safeguarding digital assets is already confirmed.
If approved, the Truth Social ETF could further cement the growing intersection between politics, media, and digital finance, setting the stage for a high-profile entry into the crypto investment space at a time when regulatory attitudes appear to be shifting.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
