tl;dr
The New York Stock Exchange filed a proposed rule change to list an ETF from Trump Media & Technology Group tracking Bitcoin (75%) and Ethereum (25%). The ETF, filed through a partnership with Yorkville America, follows a previous filing for a standalone Bitcoin ETF. Crypto.com will serve as custodi...
The New York Stock Exchange has filed a proposed rule change to list an ETF from Trump Media & Technology Group, which would track Bitcoin (75%) and Ethereum (25%). This filing marks a significant regulatory move amid a more crypto-friendly stance by the SEC under the current administration.
The ETF proposal, submitted through a partnership with Yorkville America, follows an earlier filing for a standalone Bitcoin ETF under the Truth Social brand. Crypto.com is designated as the custodian, execution agent, and liquidity provider for the fund. The initiative is part of a broader plan to launch "America First" crypto products, including funds focusing on Bitcoin, blockchain leaders, and stablecoin income.
Trump Media, majority-owned by President Donald Trump, has also raised $2.4 billion to establish a Bitcoin treasury, further entwining the company with the cryptocurrency ecosystem. The firm's operations encompass the social media platform Truth Social, the streaming service Truth , and a financial technology brand called Truth.Fi.
The SEC filing emphasizes the rule change aims to prevent fraudulent and manipulative acts and ensure compliance with NYSE listing criteria. However, the filing itself does not guarantee SEC approval of the ETF. The SEC’s regulatory approach has shifted positively toward cryptocurrency under the current administration, with crypto supporters appointed to key regulatory positions.
Bitcoin recently traded around $106,000, reflecting a modest increase after slipping below $100,000 following geopolitical tensions. Ethereum was trading near $2,440, up slightly over the past several days. These price movements highlight ongoing market volatility even as institutional and regulatory acceptance of crypto products gains momentum.