Trump Media & Technology Group Corp ( DJT ). shares are inching higher in Wednesday's pre-market trading, fueled by progress on its planned spot exchange-traded fund tracking the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

What happened: NYSE Arca, a subsidiary of the New York Stock Exchange, submitted a proposed rule change to the SEC to list and trade shares of the Truth Social Bitcoin and Ethereum ETF.

The 19b-4 filing stated that the trust is a passive investment vehicle that seeks to reflect the price performance of the two largest cryptocurrencies by market value. 

The trust's sponsor is Yorkville America Digital, LLC, with Foris DAX Trust Company, LLC, a Crypto.com affiliate, serving as the custodian.

The 19b-4 filing, a mandatory second step to list any ETF on Wall Street, follows the S-1 registration statement filed by Trump Media ( DJT ) last week. 

The ETF will hold the assets in a 3:1 ratio, meaning that 75% of its assets will be invested in Bitcoin and 25% in Ether.

See Also: Crypto-Friendly Startup Bank, Circle’s Stock Surge And More: This Week In Crypto

Why It Matters: Trump Media ( DJT ), the parent company of Truth Social, was co-founded and majority-owned by President Donald Trump.

The company has found a liking for Bitcoin, the world's largest cryptocurrency. It announced a private offering worth $2.3 billion to create a Bitcoin reserve, replicating an approach popularized by Michael Saylor's Strategy Inc. . The Bitcoin purchased would be held on its balance sheet alongside cash and cash equivalents.

The investment plan received a green light from the SEC last week.

Price Action:  Shares of Trump Media ( DJT ) were up 1.10% in pre-market trading after closing 1.79% higher at $18.21 during Friday's trading session, according to data from Benzinga Pro. Year-to-date, the stock has plunged 46.60% in value.

The DJT stock exhibited low Momentum and Value scores as of this writing. Visit Benzinga Edge Stock Rankings to filter out the best-performing stocks in these metrics.

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