The New York Stock Exchange (NYSE) has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) on Tuesday, June 24, 2025, seeking a rule change for listing a Bitcoin 
$76,293 and Ethereum 
$2,332 Exchange-Traded Fund (ETF) to be issued by Truth Social, a social media platform owned primarily by Donald Trump. This passive fund aims to mirror the prices of Bitcoin and Ethereum. According to the prospectus submitted last week, the portfolio will initially hold a 3:1 ratio of ETH to BTC values. Yorkville America Digital will sponsor the fund, while Foris DAX Trust Company will provide custodial services.
Truth Social’s New ETF Application Details
The new ETF follows Truth Social’s earlier application that focused solely on Bitcoin. This diversification broadens the company’s product range with two separate cryptocurrency-focused funds. The 3:1 Bitcoin-Ethereum ratio aims to balance price volatility, offering investors access to the two largest cryptocurrencies under one umbrella. Yorkville America Digital supports the fund’s passive nature by covering all operational expenses apart from the management fee.
Earlier this month, Trump Media announced plans to establish a “Bitcoin treasury” following a $2.32 billion private share sale. The company also announced that it might repurchase shares up to $400 million. These initiatives aim to extend the Truth Social brand beyond its political identity, transforming it into a robust cryptocurrency finance hub.
The SEC Has 45 Days to Decide
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 the custody of Foris DAX Trust Company. The fact that an issuer linked to Trump is undergoing regulatory scrutiny may bring the political dimension of cryptocurrency policy in Washington into the spotlight, sparking new debates in the sector.
