- NYSE Arca is seeking regulatory approval to trade the Truth Social Bitcoin and Ethereum ETF, a fund proposed by Trump Media & Technology Group.
- The ETF will hold Bitcoin and Ethereum in a 3:1 ratio, with Crypto.com as custodian.
The New York Stock Exchange has made a regulatory filing recently to allow the listing of Trump Media’s dual-cryptocurrency investment fund. The planned Truth Social Bitcoin and Ethereum ETF is a major milestone in the politically branded cryptocurrency investment product development among retail investors. The filing is a significant step in the direction of taking the crypto strategy of Trump Media to the public markets with a favourable crypto regulatory environment.
NYSE Filing Indicates Significant Crypto Investment Growth
This week, the New York Stock Exchange filed regulatory documents to facilitate the listing of the cryptocurrency product of Trump Media. The fund is structured to maintain a three-to-one balance between Bitcoin and Ethereum holdings. The dual-asset investment vehicle will be custodied, executed and provided with primary liquidity by Crypto.com.
This filing is a significant procedural step in the normal review process of new products by the Securities and Exchange Commission. Nevertheless, the regulatory approval is unclear despite the more friendly attitude to cryptocurrency investments and other financial products demonstrated by the current administration.
The move comes after Trump Media had earlier announced a massive $2.4 billion fundraising campaign to acquire a Bitcoin treasury. Although this is a huge investment in capital, the company has not yet reported any real purchases or acquisitions of cryptocurrencies.
Trump Media, in collaboration with Yorkville America, will introduce several politically themed cryptocurrency investment products to American investors. The suggested suite will consist of the America First Bitcoin Fund, America First Blockchain Leaders Fund, and America First Stablecoin Income Fund.
At present, the Truth Social-branded exchange-traded funds are the only ones that have been officially filed with the Securities and Exchange Commission. The company had earlier this year filed documentation of a standalone bitcoin ETF using the same partnership structure. Moreover, the crypto strategy of the company is consistent with the attitude of the administration to innovation and mainstreaming of digital assets.
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