The New York Stock Exchange (NYSE) has filed for approval of a new cryptocurrency ETF issued by Trump Media & Technology Group (TMTG) designed to track Bitcoin and Ethereum.
What is the Truth Social ETF?
The Truth Social ETF is aimed at tracking the performance of Bitcoin and Ethereum, allocating 75% of assets to Bitcoin and 25% to Ethereum. This ETF provides investors with exposure to two of the largest digital assets.
SEC Filing Process
The filing was made via the 19b-4 form and follows closely on the heels of TMTG's prospectus submission just eight days prior. NYSE asserted that the proposed rule change is designed to prevent fraudulent and manipulative acts, ensuring that the ETF will comply with all applicable exchange listing requirements. The 19b-4 process is a crucial procedural step in the regulation of crypto ETFs, although it does not guarantee SEC approval.
TMTG's Plans in Crypto Investments
In addition to the Truth Social ETF, TMTG, in collaboration with Yorkville America, is developing other cryptocurrency investment vehicles such as the America First Stablecoin Income Fund and America First Blockchain Leaders Fund. These initiatives highlight TMTG's active efforts to expand its investment product portfolio within the digital asset space.
The application for the ETF from TMTG underscores a shift in the legal framework governing digital assets and the growing interest in crypto investments from traditional financial institutions.
