The New York Stock Exchange takes a key step toward listing a new crypto fund backed by Trump Media.
- The ETF holds both bitcoin and ether in a 3:1 ratio.
- Crypto.com will manage custody and liquidity for the fund.
- Approval still depends on final SEC decisions.
New ETF Proposal Moves Forward
The New York Stock Exchange (NYSE) is working to list a new crypto investment fund. This fund, called Truth Social Bitcoin and Ethereum ETF, is led by Trump Media and Technology Group. The proposal was officially filed under the SEC’s 19b-4 process on Tuesday.
If approved, the ETF will include both bitcoin (BTC) and ether (ETH), with a 3:1 balance — meaning three parts bitcoin for every one part ether. The assets will be held and managed by Crypto.com, which will also act as the liquidity provider for the fund.
Coding the Political Into Crypto
This ETF is part of a larger plan from Trump Media and its partner Yorkville. They aim to launch a full range of crypto products under the “America First” brand. Their ideas include the America First Bitcoin Fund, Blockchain Leaders Fund, and Stablecoin Income Fund. So far, only the Truth Social ETF has been sent to the SEC for review.
Big Plans, Few Results So Far
Trump Media recently said it plans to raise $2.4 billion to build a bitcoin treasury. However, they haven’t announced any purchases yet. The latest ETF proposal shows they are still moving forward with digital assets, even without owning the coins so far.
While the SEC review is underway, this does not mean final approval. The process can take months, and the SEC may ask for changes or even reject the filing entirely.
Source: coindesk.com
