NYSE Files Regulatory Change to Support Bitcoin ETF and Ethereum of Truth Social
On June 25, the New York Stock Exchange (NYSE) officially filed for a regulatory change to support the listing of a Bitcoin ETF and Ethereum proposed by Trump Media & Technology Group. If approved, this ETF will hold assets in a 75:25 ratio between Bitcoin and Ethereum, with Crypto.com acting as the asset manager and providing liquidity.
Legal Process and the Role of the SEC
The application was submitted through the 19b-4 procedure of the U.S. Securities and Exchange Commission (SEC) – a mandatory step for the ETF to be officially allowed to trade publicly in the market. However, this filing does not guarantee final approval from the SEC, but is only the initial stage in a rigorous legal evaluation process.
Bitcoin Reserve Creation Plan on the ETF
Previously, Trump Media announced its intention to raise $2.4 billion to establish a strong Bitcoin reserve. However, the company has not disclosed detailed plans regarding the acquisition strategy or the timing of implementation. This contributes to the appeal and anticipation from investors for the ETF that integrates both of the leading cryptocurrencies today.
NYSE Arca and Recent Filing for Truth Social ETF
NYSE Arca, a division of the NYSE specializing in trading ETFs, has also submitted a 19b-4 filing related to similar truth social Bitcoin and Ethereum ETFs. This move helps establish a strong development foundation for cryptocurrency-based investment products in the traditional financial ecosystem.
This latest move by the NYSE not only marks an evolution in the merger of traditional financial products and cryptocurrency assets, but also opens up diversification opportunities for institutional and individual investors. The ETF fund will play a key role in increasing liquidity and stability of leading cryptocurrencies, promoting a more sustainable market.
Source: https://tintucbitcoin.com/nyse-de-xuat-thay-doi-quy-dinh-etf/
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