NYSE Proposes Rule Change to List Trump Media’s Bitcoin and Ethereum ETF Amid Regulatory Review

• The New York Stock Exchange has submitted a rule change proposal to list a Bitcoin-Ethereum ETF linked to Trump Media & Technology Group, marking a significant development in crypto investment products.

• This ETF, featuring a 75% Bitcoin and 25% Ethereum allocation, reflects growing institutional interest and regulatory engagement with digital assets under the current U.S. administration.

• According to the SEC filing, “The Exchange believes that the proposed rule change is designed to prevent fraudulent and manipulative acts and practices,” underscoring compliance and investor protection priorities.

NYSE proposes listing of Trump Media’s BTC-ETH ETF, signaling regulatory progress and renewed institutional interest in cryptocurrency investment products.

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NYSE’s Proposed Rule Change for Trump Media’s Bitcoin-Ethereum ETF Highlights Regulatory Momentum

The New York Stock Exchange (NYSE) has taken a pivotal step by filing a proposed rule change with the U.S. Securities and Exchange Commission (SEC) to enable the listing of an ETF tracking Bitcoin and Ethereum, sponsored by Trump Media & Technology Group. This filing, submitted shortly after Trump Media’s prospectus for the Truth Social Bitcoin and Ethereum ETF, aims to facilitate a product with a 75% Bitcoin and 25% Ethereum holdings ratio. The move reflects a broader shift in regulatory attitudes toward digital assets, as the SEC under the current administration demonstrates increased openness to crypto investment vehicles.

The SEC filing emphasizes that the rule change is intended to “prevent fraudulent and manipulative acts and practices,” ensuring that the ETF will comply with NYSE’s initial and ongoing listing standards. Crypto.com has been appointed as the custodian, execution agent, and liquidity provider for the ETF, providing a robust infrastructure for asset management and market operations.

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Strategic Partnerships and the “America First” Crypto Product Suite

Trump Media’s collaboration with Yorkville America, which previously supported a standalone Bitcoin ETF filing, extends beyond this ETF proposal. Together with Crypto.com, they plan to launch a series of “America First” branded crypto investment products, including the America First Bitcoin Fund (AFBF), America First Blockchain Leaders Fund (AFBLF), and the America First Stablecoin Income Fund. These initiatives underscore a strategic effort to position U.S.-based crypto investment options that align with nationalistic branding and appeal to domestic investors.

To date, only the Truth Social Bitcoin ETF and the Truth Social Bitcoin and Ethereum ETF have been filed with the SEC, but the partnership’s ambitions suggest a broader roadmap for expanding crypto offerings. This suite of products aims to capitalize on growing institutional demand while navigating the evolving regulatory landscape.

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Trump Media’s Growing Crypto Footprint and Market Context

Trump Media & Technology Group, majority-owned by former President Donald Trump, operates multiple digital platforms including the social media site Truth Social, streaming service Truth+, and fintech brand Truth.Fi. The company’s recent $2.4 billion capital raise to establish a Bitcoin treasury signals a strong commitment to integrating cryptocurrency into its corporate strategy, although no acquisitions have been publicly announced yet.

Market conditions provide a relevant backdrop to these developments. Bitcoin recently traded near $106,000, experiencing a modest 0.5% increase over 24 hours after a weekend dip below $100,000 linked to geopolitical tensions involving the U.S. and Iran. Ethereum also showed resilience, trading around $2,440 with a 1.1% gain since Monday. These price movements highlight the volatility and responsiveness of digital assets to global events, reinforcing the importance of regulated investment vehicles like ETFs for risk-managed exposure.

Regulatory Environment and Future Outlook for Crypto ETFs

The 19b-4 rule change filing by NYSE is a critical procedural step but does not guarantee SEC approval. However, the current regulatory climate, influenced by crypto-friendly appointees within the SEC, suggests a more constructive approach to digital asset products compared to previous years. This evolving stance could pave the way for greater acceptance of diversified crypto ETFs, potentially broadening investor access and market liquidity.

Investors and market participants should monitor further SEC communications and NYSE developments closely, as these will shape the trajectory of crypto ETFs and their integration into mainstream financial markets.

Conclusion

The NYSE’s proposal to list the Truth Social Bitcoin and Ethereum ETF represents a notable convergence of political, technological, and financial interests in the cryptocurrency space. With a clear focus on regulatory compliance and investor protection, this initiative could mark a significant milestone in legitimizing crypto investment products. As Trump Media deepens its involvement in digital assets and the SEC adopts a more favorable posture, the landscape for crypto ETFs in the U.S. appears poised for meaningful expansion. Stakeholders should stay informed and prepared to engage with these emerging opportunities.