Trump Media & Technology Group has ventured into the increasingly crowded cryptocurrency ETF arena, filing an S-1 registration statement with the SEC last week for a dual-asset exchange-traded fund that would combine Bitcoin and Ethereum in a 75:25 ratio—a structure that positions the Truth Social parent company to capitalize on both the largest cryptocurrency by market capitalization and its most prominent rival simultaneously.
The filing represents the formal manifestation of Trump Media’s ambitious $2.4 billion cryptocurrency venture, which the company announced as part of its broader treasury diversification strategy. While the SEC has approved the registration for $2.3 billion in potential Bitcoin treasury holdings, the company has yet to disclose any actual cryptocurrency purchases, leaving investors to parse the distinction between regulatory approval and operational execution.
Crypto.com has been designated as both custodian and liquidity provider for the proposed ETF, reflecting the exchange’s continued expansion into institutional services. The arrangement includes backing shares with actual Bitcoin and Ether holdings, though prime execution details remain pending in subsequent filings. NYSE Arca has simultaneously filed rule changes to accommodate the dual-asset structure, suggesting coordinated preparation for eventual listing.
Crypto.com’s dual role as custodian and liquidity provider signals institutional crypto services expansion amid coordinated NYSE Arca regulatory preparations.
The ETF represents merely the opening salvo in Trump Media’s crypto product suite, which includes planned offerings such as the America First Bitcoin Fund, America First Blockchain Leaders Fund, and America First Stablecoin Income Fund. Only the Truth-branded ETF has received formal SEC filing status, however, leaving the broader product rollout timeline uncertain. DJT is 52% controlled by a trust owned by President Trump, indicating significant personal investment in the cryptocurrency venture.
Market conditions present mixed signals for the venture’s timing. Bitcoin trades below $109,000 while Ethereum hovers above $2,600, and Trump Media shares have declined more than 40% in 2025—hardly the triumphant backdrop typically associated with major strategic pivots. The politically-branded approach targets a specific investor demographic, though whether patriotic branding translates into sustainable fund flows remains an open question. The company had previously announced a Bitcoin-only ETF as part of its earlier cryptocurrency expansion plans.
The 19b-4 rule change process represents a procedural milestone rather than approval guarantee, with final SEC authorization still pending. The novel combination of political branding with dual-cryptocurrency exposure creates an untested market proposition that could either capture retail investor imagination or languish amid regulatory uncertainty. The planned stablecoin fund would potentially offer investors exposure to cryptocurrencies designed to maintain stable values through fiat currency pegging, representing a lower-volatility alternative to traditional crypto assets.
