Trump Media and Technology Group Corp (TMTG) has filed an application for its second cryptocurrency exchange-traded fund (ETF).
This new fund would invest in both Bitcoin ($BTC) and Ethereum ($ETH) , and the filing has been submitted to the US Securities and Exchange Commission (SEC).
If approved, the ETF would be traded on NYSE Arca, the part of the New York Stock Exchange that handles electronic ETF transactions.
The application was made through a formal document called Form 19b-4. It follows a prospectus filed just eight days earlier by TMTG and its Special Purpose Acquisition Company (SPAC) partner, Yorkville America, with the Connecticut Attorney General.
This latest move is part of TMTG’s growing interest in blockchain-based financial products. The company, which is majority-owned by US President Donald Trump, has been increasing efforts to offer regulated investment tools that give people access to the crypto market.
The proposed ETF is called the Truth Social Bitcoin and Ethereum ETF. It is meant to be a passive investment product, which means it will simply track the prices of Bitcoin and Ethereum rather than try to beat the market. The aim is to reflect the general performance of the two cryptocurrencies.
According to the filing, the fund will invest in both assets but with a 3-to-1 ratio in favour of Bitcoin. That means for every £3 in BTC, there will be £1 in ETH.
The ETF will be managed by Yorkville America Digital, while the digital assets will be held by Foris DAX Trust Company, a crypto custodian.
The ETF’s price will be based on benchmark rates provided by CF Benchmarks, a well-known pricing source used in other SEC-approved crypto funds.
TMTG has said it will publish important data like the fund’s net asset value (NAV), total assets, and real-time price updates every 15 seconds while markets are open.
A bigger strategy to join the crypto race
TMTG’s new ETF filing is not a one-off decision. The company has bigger plans to become a serious player in the world of digital assets. Earlier this month, NYSE Arca also filed a rule change to list another ETF from Trump Media – one that would focus only on Bitcoin. That fund, known as the Truth Social Bitcoin ETF, is still under review by the SEC.
TMTG has made it clear that it wants to be more than a media company. It owns the social media network Truth Social, a streaming platform called Truth+, and a fintech branch named Truth.Fi. But now it’s aiming to enter the investment world, especially with products linked to cryptocurrencies.
In May, the company said it had raised $2.32 billion through a private placement. It plans to use that money to create a Bitcoin treasury.
This would make Trump Media one of the largest corporate holders of Bitcoin. So far, it has raised $2.4 billion in total, although it hasn’t revealed any Bitcoin purchases yet.
Along with launching new ETFs, Trump Media has announced plans to buy back up to $400 million worth of its own shares.
It has also proposed other funds such as the America First Bitcoin Fund and the America First Stablecoin Income Fund. These are still in the early stages, but they show the company’s serious interest in crypto.
Speaking about these efforts, a company spokesperson said: “We believe digital assets are the future of finance, and our goal is to help everyday investors access them through safe, regulated investment products”.
The strategy appears to be aimed at attracting more investors and boosting the company’s stock. However, the crypto ETF market is already crowded. There are several well-established products from major firms like BlackRock and Fidelity.
For Trump Media’s ETFs to succeed, they will need to stand out – either through lower fees, better performance, or unique features.
Market reactions and what comes next
The ETF application comes at a time when the cryptocurrency market is going through a period of high volatility. Bitcoin recently fell to $98,000 but quickly bounced back and is now trading at around $107,000.
This 3% recovery has come despite wider concerns in the financial world, many of which are tied to the rising tension between Israel and Iran. That conflict has been going on for nearly two weeks and is affecting global markets.
Some market watchers believe Bitcoin could go much higher in the coming months. A financial analyst known online as Mr. Wall Street recently shared his opinion on X. “I still expect Bitcoin to hit between $180,000 and $250,000 this year”, he posted, adding that he doesn’t think current events will stop the rise in price.
Mr. Wall Street also noted a trend that could explain some of Bitcoin’s recent strength. “Over $20 billion has moved from gold into Bitcoin in the last two weeks”, he claimed. This shift suggests that some investors now see Bitcoin as a better safe-haven asset than gold.
But the launch of a new ETF is not automatic. After filing, the proposed rule change must go through the SEC’s full review process. The agency will publish the proposal in the Federal Register and open a period for public comments. After that, the SEC will decide whether to approve it, reject it, or ask for more time to review.
If it gets approved, the Truth Social Bitcoin and Ethereum ETF would be one of the first US-listed funds to offer both assets in one place.
Right now, investors must choose between single-asset Bitcoin or Ethereum ETFs. Combining the two could make the investment process simpler and more appealing for some.
The filing also explains how the ETF would work in practice. Shares would be created or redeemed in batches of 10,000, and the process would involve in-kind transactions.
That means instead of cash, the ETF would handle actual Bitcoin and Ether. This approach is designed to reduce taxes and offer better pricing.
To ensure investor protection, NYSE Arca said it would use market data from Bitcoin and Ether futures traded on CME (Chicago Mercantile Exchange). It also pointed out that it belongs to the Intermarket Surveillance Group (ISG), which helps detect fraud and manipulation.
The exchange said it would use tools like trading halts and compliance monitoring to safeguard the fund. “The current rules and systems are strong enough to spot and prevent abuse in crypto markets”, it stated in the filing.
Despite the potential, the road ahead isn’t easy. The crypto market is still young, and regulatory hurdles remain. But Trump Media is betting big on digital assets.
With plans for multiple ETFs, a large Bitcoin reserve, and new fund ideas in the pipeline, the company is trying to take a lead role in this fast-changing space.
Investors and analysts alike will now be watching closely to see if the SEC gives its approval. If that happens, the Truth Social Bitcoin and Ethereum ETF could be on the market within months – adding another major product to the growing list of crypto investment tools in the United States.
