NYSE Proposes Trump Media Bitcoin-Ethereum ETF

The New York Stock Exchange (NYSE) has submitted a proposed rule change to the U.S. Securities and Exchange Commission (SEC) to list a new cryptocurrency exchange-traded fund (ETF) issued by Trump Media & Technology Group (TMTG). The Truth Social ETF is designed to track the performance of both Bitcoin and Ethereum, with a 75% allocation to Bitcoin and a 25% allocation to Ethereum. This filing follows TMTG’s prospectus submission just eight days earlier and is made via the SEC’s 19b-4 form. The NYSE maintains that the proposed rule change is designed to prevent fraudulent and manipulative acts and practices, affirming that the ETF will comply with all applicable initial and continued listing requirements on the exchange.

Although the 19b-4 process does not ensure SEC approval, it is an important procedural step in the regulatory path for crypto ETFs. This submission highlights a developing change in the laws governing digital assets, as the current administration has adopted a more crypto-friendly stance. This shift is partly driven by the appointment of pro-crypto officials by President Donald Trump.

This proposed bitcoin-ether fund is the second such product from Trump Media and Yorkville America, which previously collaborated on the Truth Social Bitcoin ETF, filed in early June. TMTG, Yorkville, and Crypto.com are allegedly developing a number of “America First” cryptocurrency investment vehicles in addition to these filings. These include the America First Stablecoin Income Fund, the America First Blockchain Leaders Fund, and the America First Bitcoin Fund.

TMTG has stepped up its efforts to expand its investment product portfolio in the digital asset space, as per both filings. The proposed ETF is part of a broader push by Trump Media to expand its presence in the crypto investment space. This initiative signals a growing interest in digital assets and highlights the potential for mainstream adoption of cryptocurrencies through regulated financial products. The listing of such an ETF would provide investors with a diversified exposure to two of the most prominent cryptocurrencies, Bitcoin and Ethereum, within a single investment vehicle. This could attract a wider range of investors who are interested in the potential growth of digital currencies but may be hesitant to invest directly in individual cryptocurrencies due to their volatility and regulatory uncertainties.