NYSE Arca has submitted a request to the SEC for approval of an innovative Bitcoin and Ethereum ETF proposed by Trump Media, aiming to introduce a new financial product that blends traditional markets with digital assets.
Trump Media & Technology Group (TMTG), the firm responsible for the Truth Social platform, has submitted a filing to introduce a new exchange-traded fund (ETF) designed to track the performance of Bitcoin and Ethereum.
The company submitted the filing to the U.S. Securities and Exchange Commission (SEC) on June 16, signaling a significant step in its transition toward digital finance.
The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the prices of bitcoin and ether and, to the extent the Trust engages in Staking (as defined herein), rewards earned from its staked ether.
According to the filing:
The proposed exchange-traded fund plans to distribute 75% of its holdings to Bitcoin and the remaining 25% to Ethereum.
TMTG collaborated with the cryptocurrency platform Crypto.com, which will manage custody, execute trades, provide staking services, and support liquidity for the ETF.
Yorkville America Digital plans to serve as the ETF’s sponsor. Upon receiving SEC approval for the Form 19b-4 filing, NYSE Arca will list the fund.
Although the announcement was made, TMTG’s stock price remained mostly unchanged. Data from Google Finance indicated a decline of roughly 2%, bringing the share value below $20—its lowest level since April.
Trump Media Embarks on Strategic Pivot to Cryptocurrency Sector
This action marks a pivotal advancement in TMTG’s strategy to evolve from a platform focused solely on social media into a more expansive participant within the fintech sector.
The firm recently advanced its transition by collaborating with Crypto.com and Yorkville America to develop a series of TMTG-branded ETFs that blend digital and traditional asset classes.
This Truth Social Bitcoin and Ethereum ETF will stand as one of the flagship offerings, expanding upon NYSE Arca’s earlier application to list the original Truth Social Bitcoin ETF.
Alongside its ETF aspirations, TMTG recently received regulatory approval for a $2.3 billion Bitcoin Treasury transaction, indicating its intention to strengthen its cryptocurrency holdings.
These advancements highlight TMTG’s increasing dedication to the digital asset sector. The company seeks to leverage the expanding adoption of cryptocurrencies by collaborating with prominent industry firms and stepping into the ETF space, aiming to deliver regulated access to leading crypto assets.
