On Tuesday, the New York Stock Exchange (NYSE) filed a rule change proposal with the US Securities and Exchange Commission (SEC) to list a dual-crypto ETF backed by Bitcoin and Ethereum from the Trump Media & Technology Group.
The Truth Social Bitcoin and Ethereum ETF will provide investors with exposure to the price performance of the two largest cryptocurrencies by market capitalization through a single fund structure.
Trump-Owned Tech Firm to Launch First Ever Dual-Crypto ETF Backed By Bitcoin and Ether
The move comes a week after TMTG, in partnership with asset manager Yorkville America, filed a prospectus for the proposed ETF on June 16, which would comprise 75% Bitcoin and 25% Ethereum holdings in a 3:1 ratio. The filing also reflects a broader shift in regulators’ attitudes towards digital assets, especially under the Trump administration, which has portrayed increased openness to crypto-backed investment vehicles.
NYSE emphasized that the proposed 19b-4 rule changes are intended to prevent fraudulent and manipulative acts and practices, ensuring that the Truth Social Bitcoin and Ethereum ETF will be compliant with the exchange’s initial and ongoing listing standards. The proposal is an important step in the SEC’s regulatory process for considering potential ETFs, but it does not obligate the agency to approve a product.
Yorkville America Digital will serve as the proposed fund’s sponsor, Foris DAX Trust Company will handle its custody operations, and Crypto.com will act as the exclusive custodian for its BTC and ETH holdings and its prime execution agent. The Singapore-based crypto exchange will also handle Ethereum staking services and liquidity provision, establishing itself as a critical infrastructure partner for the ETF.
TMTG Teams Up with Crypto.com to Launch Crypto Services and Investment Products
TMTG is a publicly traded media and technology company based in Florida that is majority-owned by President Donald Trump, who holds 59% of its shares through a revocable trust. The company also owns and manages Truth Social and has a Fintech arm called Truth.Fi, which offers crypto-related services and investment products like ETFs.
In April, TMTG and Crypto.com reached an agreement on a structure for operating crypto-related products and services, such as custody and wallet support, under the Truth.Fi banner. The pair plans to offer a suite of “America First” products, including the America First Bitcoin Fund (AFBF), America First Blockchain Leaders Fund (AFBLF), and the America First Stablecoin Income Fund (AFSIF).
Last month, the company raised $2.4 billion through stock and convertible notes to fund a Bitcoin treasury that will acquire BTC to serve as a store of value and also support its Bitcoin-backed financial products lineup.
The Truth Social Bitcoin and Ethereum ETF isn’t the first investment product from TMTG. Earlier this month, Trump Media and Yorkville filed for a standalone Bitcoin fund called the Truth Social Bitcoin ETF. To date, these two funds remain the only proposals that have been submitted to the SEC.
Trump Media and Technology Group is now positioned to compete directly with established players in the fast-evolving $131 billion crypto ETF market, such as BlackRock and Fidelity.
Truth Social’s Bitcoin-Ethereum ETF Could Revolutionize the $130B Crypto ETF Market
If approved, the Truth Social Bitcoin and Ethereum ETF will be listed under the ticker symbol “B.T” and become the first dual-cryptocurrency fund to trade on Wall Street.
According to market observers, although the SEC’s approvals of individual Bitcoin and Ethereum spot ETFs have set a regulatory precedent, the inclusion of both crypto assets in a single product adds complexity. However, a successful launch could lead to other issuers releasing similar dual-crypto funds. B.T.’s unique 3:1 allocation ratio also provides a varied approach in an increasingly crowded market.
The integration of Ethereum staking through Crypto.com could establish new revenue models for crypto ETFs backed by proof-of-stake (PoS) tokens. It would also lead to existing spot Ethereum ETF issuers expanding their offerings.
At the time of writing, Bitcoin (BTC) is trading at $106,334, up 0.88% in the last 24 hours. Meanwhile, Ethereum (ETH) is changing hands at $2,437, rising 0.57% in the same period.
