The New York Stock Exchange has submitted a proposal to the U.S. Securities and Exchange Commission regarding an ETF for Bitcoin and Ethereum managed by Truth Social, a platform owned by Donald Trump.
Details of Truth Social's New ETF Application
The New York Stock Exchange (NYSE) has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) seeking a rule change for listing a Bitcoin and Ethereum ETF issued by Truth Social, owned by Donald Trump. According to the prospectus submitted last week, the ETF's portfolio will maintain a 3:1 ratio of ETH to BTC values.
Plans to Expand the Company's Offerings
The new ETF application follows Truth Social's earlier filing that focused solely on Bitcoin. This diversification expands the company’s product range. The 3:1 Bitcoin-Ethereum ratio aims to balance price volatility, giving investors access to the two largest cryptocurrencies. Yorkville America Digital will support the passive nature of the fund by covering all operational expenses apart from the management fee.
SEC Decision Expected Soon
The 19b-4 form marks the final step in a two-stage application process for a cryptocurrency ETF. The SEC typically makes a decision on a rule change within 45 days. Given that the document set has been completed with the previously submitted S-1 prospectus, the SEC’s initial response could arrive by the end of July.
If approved, the ETF will be traded on NYSE Arca’s spot market, with BTC and ETH assets held directly in custody by Foris DAX Trust Company. The political aspect related to Trump’s involvement may bring new discussions about cryptocurrency policy in Washington.