- Trump Media & Technology Group refiles its crypto ETF registration, pushing forward with plans for a politically branded Bitcoin and Ethereum fund.
- The NYSE has submitted a rule change to list the dual-asset ETF, a critical but non-guaranteed step toward approval.
- The company’s broader crypto ambitions include multiple ETF products, though regulatory hurdles remain.
Trump Media’s Crypto Push Gains Momentum
Trump Media & Technology Group (NASDAQ: DJT) has taken another step toward launching a suite of cryptocurrency ETFs, filing an amended registration statement with the SEC for its Truth Social-branded Bitcoin and Ethereum fund. The move comes as the New York Stock Exchange seeks regulatory approval to list the product, though final clearance remains uncertain.
The amended S-1 filing advances the proposed “Truth Social Bitcoin and Ethereum ETF,” which would allocate 75% to Bitcoin and 25% to Ethereum. Crypto.com’s Foris DAX Trust is slated to serve as custodian, while Yorkville America Digital acts as a partner. Separately, the company has also floated a “Truth Social Crypto Blue Chip ETF” with exposure to Solana, XRP, and Cronos alongside BTC and ETH.
Regulatory Hurdles and Market Implications
The SEC has acknowledged at least one of Trump Media’s filings, triggering a review process that could take months. Approval hinges on two key milestones: an effective S-1 registration and a greenlighted 19b-4 rule change from the NYSE. While the exchange’s filing signals progress, industry watchers caution that the SEC has historically scrutinized crypto ETFs heavily, particularly those with novel structures or branding.
“The NYSE’s rule submission is a necessary box to check, but it doesn’t mean the SEC will play along,” said one capital markets attorney familiar with the process, who asked not to be named due to client relationships. “The political branding adds another layer of complexity to an already challenging approval pathway.”
Broader Ambitions and Investor Sentiment
Trump Media has framed its crypto ETF push as part of a larger “digital asset franchise” strategy, with additional products like a standalone Bitcoin ETF and blockchain-focused funds under consideration. The company recently authorized a share repurchase program, suggesting it’s balancing capital allocation with growth initiatives.
Market reaction has been muted so far, with DJT shares flat in after-hours trading following the filing disclosure. Analysts note that while the ETF filings could diversify Trump Media’s revenue streams, regulatory timelines and competitive pressures—particularly from established issuers like BlackRock and Fidelity—pose significant challenges.
Editor’s Note: This article has been updated to clarify Crypto.com’s role as custodian for the proposed ETF.