The New York Stock Exchange (NYSE) has taken a pivotal step in the evolving landscape of digital asset investments by submitting a proposed rule change to the U.S. Securities and Exchange Commission (SEC). This filing, made under the 19b-4 form, seeks approval to list a new cryptocurrency exchange-traded fund (ETF) issued by Trump Media & Technology Group (TMTG)—the Truth Social ETF. Unlike many single-asset crypto ETFs, this product aims to track the combined performance of Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization.
This move follows just eight days after TMTG submitted its initial ETF prospectus, signaling an accelerated push into the regulated crypto investment space. The proposed fund would allocate 75% of its holdings to Bitcoin and 25% to Ethereum, offering investors diversified exposure to the top digital assets while maintaining a strong emphasis on the market leader, Bitcoin.
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Regulatory Pathway and Market Implications
According to the SEC filing, the NYSE asserts that the proposed rule change is structured to prevent fraudulent and manipulative practices, ensuring investor protection while aligning with all applicable listing standards. While submission does not guarantee final SEC approval, it marks a significant procedural milestone in the journey toward a dual-asset crypto ETF.
The 19b-4 filing is a standard requirement for exchanges seeking to list new financial products. It demonstrates that the NYSE is proactively preparing its infrastructure and compliance frameworks to support innovative crypto-based instruments. This development reflects a broader shift in the regulatory environment—one that has grown increasingly receptive to digital asset innovation under the current administration.
A Changing Regulatory Climate
In recent months, the SEC has shown signs of adopting a more balanced and, in some cases, crypto-friendly stance. This shift is partly attributed to high-level appointments of officials who support blockchain innovation and responsible digital asset integration. The momentum gained after the approval of spot Bitcoin ETFs in early 2024 continues to influence new product development.
The Truth Social ETF’s dual-asset structure introduces a novel approach in a market dominated by single-cryptocurrency funds. By combining Bitcoin and Ethereum, the ETF could appeal to investors seeking both stability and growth potential—Bitcoin as a digital store of value and Ethereum as a hub for decentralized applications and smart contracts.
Building on Previous Crypto Ventures
This is not TMTG’s first foray into crypto investing. The company previously partnered with Yorkville America to file for the Truth Social Bitcoin ETF in early June 2025. That product focused exclusively on Bitcoin, but the latest proposal expands the scope, reflecting growing confidence in Ethereum’s long-term viability.
The collaboration between TMTG and Yorkville America underscores a strategic effort to position Truth Social as more than a social media platform—it’s becoming a financial innovation brand at the intersection of media, politics, and blockchain technology.
Expanding the "America First" Crypto Ecosystem
Beyond the Truth Social ETF, TMTG is reportedly working with Yorkville America and Crypto.com to develop a suite of cryptocurrency investment products under the “America First” banner. These include:
- The America First Stablecoin Income Fund, designed to generate yield from dollar-pegged stablecoins.
- The America First Blockchain Leaders Fund, targeting equity in blockchain-focused public companies.
- The America First Bitcoin Fund, a dedicated spot Bitcoin investment vehicle.
While details remain limited, these filings suggest a coordinated effort to build a comprehensive digital asset ecosystem that aligns with nationalist economic themes while leveraging mainstream financial infrastructure.
Why a Bitcoin-Ethereum ETF Matters
Combining Bitcoin and Ethereum into a single ETF offers several advantages:
- Diversification: Reduces reliance on a single asset while still focusing on proven, high-liquidity cryptocurrencies.
- Market Accessibility: Provides traditional investors with a simple, regulated way to gain exposure to both proof-of-work (Bitcoin) and proof-of-stake (Ethereum) networks.
- Institutional Appeal: May attract pension funds, wealth managers, and retail investors who prefer bundled exposure over managing multiple ETFs.
Moreover, such products could set a precedent for future multi-asset crypto ETFs, potentially including Solana, Cardano, or even tokenized real-world assets.
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Frequently Asked Questions (FAQ)
Q: What is the Truth Social ETF?
A: The Truth Social ETF is a proposed cryptocurrency exchange-traded fund that tracks both Bitcoin and Ethereum. It is issued by Trump Media & Technology Group (TMTG) and aims to offer diversified exposure to the two largest digital assets.
Q: How is this ETF different from other crypto ETFs?
A: Unlike most crypto ETFs that focus on a single asset (like Bitcoin-only funds), this ETF combines Bitcoin (75%) and Ethereum (25%), offering a blended investment strategy within one regulated product.
Q: Has the SEC approved this ETF yet?
A: No. The NYSE has filed a rule change request (Form 19b-4), which is an essential step—but not a guarantee—of eventual SEC approval. The review process is ongoing.
Q: What are the risks of investing in a Bitcoin-Ethereum ETF?
A: As with any crypto investment, volatility is a key concern. Both assets are subject to rapid price swings influenced by regulation, macroeconomic trends, and market sentiment. However, ETFs provide regulatory oversight and custodial security not always present in direct crypto ownership.
Q: Who is behind the Truth Social ETF?
A: The ETF is proposed by Trump Media & Technology Group (TMTG), in collaboration with Yorkville America. TMTG is also known for operating the Truth Social platform.
Q: Could this ETF be part of a larger trend?
A: Yes. The growing number of multi-asset and theme-based crypto ETFs suggests that investors want more sophisticated, diversified options beyond single-cryptocurrency funds.
The Road Ahead for Crypto ETFs
The Truth Social ETF represents more than just another product launch—it symbolizes the maturation of crypto as an asset class within traditional finance. As exchanges like NYSE adapt their frameworks and regulators refine oversight mechanisms, we’re likely to see increased innovation in crypto-linked financial products.
For investors, this means more choices, better risk management tools, and greater access through familiar channels like brokerage accounts and retirement funds.
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Conclusion
The NYSE’s filing to list the Truth Social ETF tracking Bitcoin and Ethereum marks a significant development in the convergence of mainstream finance and digital assets. With a strategic allocation between the two leading cryptocurrencies, strong regulatory engagement, and alignment with broader market trends, this ETF could become a notable addition to investor portfolios—if approved.
As the SEC continues its review, all eyes will be on how this dual-asset model performs against existing single-asset alternatives. One thing is clear: the era of diversified, regulated crypto investing is just beginning.
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