Shares of Trump Media & Technology Group Corp (DJT) rose slightly in pre-market trading on Wednesday, buoyed by a significant regulatory development involving a proposed cryptocurrency exchange-traded fund (ETF) tied to Bitcoin (BTC) and Ethereum (ETH). The momentum follows a formal filing by NYSE Arca, a subsidiary of the New York Stock Exchange, to list the Truth Social Bitcoin and Ethereum ETF.
This move marks a pivotal step in the convergence of mainstream financial markets and digital assets, positioning Trump Media at the forefront of a growing trend where traditional companies embrace blockchain-based investment vehicles.
NYSE Arca Submits Rule Change for Crypto ETF Listing
The key catalyst behind the stock’s pre-market uptick was NYSE Arca’s submission of a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC). This mandatory regulatory step outlines the proposed rule change necessary to list and trade shares of the Truth Social Bitcoin and Ethereum ETF.
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The filing describes the fund as a passive investment vehicle designed to mirror the price performance of Bitcoin and Ethereum—respectively the first and second-largest cryptocurrencies by market capitalization. By tracking these two dominant digital assets, the ETF aims to offer investors diversified exposure to the crypto market without direct ownership of tokens.
The trust is sponsored by Yorkville America Digital, LLC, while custody of the underlying digital assets will be managed by Foris DAX Trust Company, LLC, an affiliate of the global crypto platform Crypto.com. This institutional-grade custody arrangement adds a layer of credibility and security, addressing one of the SEC’s primary concerns regarding asset protection in crypto-based financial products.
Strategic Asset Allocation: 3:1 Bitcoin-to-Ethereum Ratio
One of the defining features of the proposed ETF is its 3:1 asset allocation ratio—75% of the fund’s holdings will be allocated to Bitcoin, with the remaining 25% invested in Ethereum. This strategic split reflects a balanced approach: leveraging Bitcoin’s established store-of-value narrative while also capitalizing on Ethereum’s robust ecosystem of decentralized applications (dApps), smart contracts, and ongoing network upgrades.
This structure aligns with broader market sentiment that views Bitcoin as digital gold and Ethereum as the foundational platform for Web3 innovation. For retail and institutional investors alike, such an ETF could serve as a simplified gateway into the volatile yet high-potential crypto market.
The 19b-4 filing follows last week’s submission of an S-1 registration statement by Trump Media, marking the first formal step in the ETF approval process. Together, these filings represent a coordinated effort to bring a politically branded but technologically grounded crypto product to market.
Trump Media’s Growing Affinity for Cryptocurrency
Trump Media & Technology Group, best known as the parent company of Truth Social, has increasingly positioned itself at the intersection of media, politics, and digital finance. Co-founded and majority-owned by former President Donald Trump, the company has recently embraced Bitcoin as a strategic corporate asset.
In a move reminiscent of Michael Saylor’s strategy at Strategy Inc. (MSTR), Trump Media announced plans for a $2.3 billion private offering aimed at building a Bitcoin reserve. The proceeds would allow the company to acquire and hold Bitcoin on its balance sheet—similar to how traditional firms hold cash or treasury bonds.
This approach, often referred to as “Bitcoin treasurying,” has gained traction among forward-thinking corporations seeking inflation hedges and long-term value preservation. The SEC has already cleared this investment plan, signaling cautious regulatory acceptance of corporate Bitcoin adoption—even when linked to high-profile public figures.
Market Reaction and Stock Performance
As of pre-market trading on Wednesday, DJT shares climbed 1.10%, building on a 1.79% gain from the previous Friday, when the stock closed at $18.21. Despite this recent rebound, the stock remains under pressure year-to-date, having declined by 46.60% since January 2025.
Market analysts note that DJT currently exhibits low Momentum and Value scores, suggesting limited near-term bullish momentum based on traditional valuation metrics. However, speculative interest driven by crypto-related developments continues to influence investor behavior.
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Frequently Asked Questions (FAQ)
Q: What is the Truth Social Bitcoin and Ethereum ETF?
A: It’s a proposed passive exchange-traded fund designed to track the combined price performance of Bitcoin and Ethereum, with a 75% Bitcoin and 25% Ethereum asset allocation.
Q: Who filed for the ETF listing?
A: NYSE Arca submitted a 19b-4 rule change proposal to the SEC, a required step for any new ETF listing on U.S. exchanges.
Q: Is Trump Media investing in cryptocurrency directly?
A: Yes. Through a $2.3 billion private offering approved by the SEC, Trump Media plans to build a corporate Bitcoin reserve, holding BTC on its balance sheet like cash equivalents.
Q: What role does Crypto.com play in this ETF?
A: Foris DAX Trust Company, LLC—a subsidiary of Crypto.com—will serve as custodian, responsible for securely holding the underlying digital assets.
Q: When might the ETF become available?
A: The timeline depends on SEC approval. While the S-1 and 19b-4 filings are complete, final authorization could take several weeks or months.
Q: How does this affect DJT stock?
A: While speculative enthusiasm has lifted shares temporarily, long-term impact depends on ETF approval, market adoption, and overall crypto performance.
The Bigger Picture: Mainstream Finance Meets Digital Assets
The proposed Truth Social crypto ETF underscores a broader shift: traditional financial institutions are increasingly legitimizing digital assets through regulated products. With major exchanges like NYSE involved and custodians like Crypto.com providing infrastructure, crypto is no longer on the fringe—it’s entering the core of capital markets.
For investors, this means more accessible, SEC-vetted ways to gain exposure to Bitcoin and Ethereum without managing private keys or navigating exchanges directly.
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As regulatory frameworks evolve and public interest grows, products like this could pave the way for wider institutional adoption. Whether driven by innovation or speculation, one thing is clear: the line between traditional finance and cryptocurrency is blurring—and fast.