New York Stock Exchange Proposes Bitcoin Ethereum ETF Listing

The New York Stock Exchange has filed a proposed rule change with the Securities and Exchange Commission to allow the listing of a Bitcoin and Ethereum Exchange-Traded Fund (ETF) from Trump Media & Technology Group. This ETF, named the Truth Social Bitcoin and Ethereum ETF, would track the prices of Bitcoin and Ethereum with a 75% allocation to Bitcoin and 25% to Ethereum. The filing comes just eight days after Trump Media, in partnership with Yorkville America, submitted a prospectus for the ETF. The proposed rule change aims to prevent fraudulent and manipulative acts and practices, ensuring that the shares will be listed and traded on the exchange pursuant to the initial and continued listing criteria.

Crypto.com will serve as the custodian, execution agent, and liquidity provider for the ETF. This move is part of a broader strategy by Trump Media & Technology Group to increase its involvement in the cryptocurrency space. The company has previously filed for a standalone Bitcoin ETF and plans to offer a suite of "America First" products, including the America First Bitcoin Fund, America First Blockchain Leaders Fund, and the America First Stablecoin Income Fund. However, only the Truth Social Bitcoin ETF and the Truth Social Bitcoin and Ethereum ETF have been filed with the SEC to date.

The filing of the 19b-4 rule change is a crucial step in the regulatory process for considering ETFs, but it does not obligate the SEC to approve the product. This development comes as the SEC's stance on crypto investments has become more favorable under the new administration, with President Donald Trump appointing crypto supporters to the regulator’s upper management echelon. The proposed ETF further entangles Trump Media with the cryptocurrency industry, following the company's recent announcement of a $2.4 billion Bitcoin treasury plan. Trump Media operates Truth Social, a social media site, Truth+, a streaming platform, and Truth.Fi, a financial technology brand, with President Trump holding a majority stake in the firm.