Donald Trump’s Truth Social has filed for a new basket of crypto ETFs, including major cryptocurrencies like Bitcoin, Ethereum, and XRP.
Truth Social, a subsidiary of Donald Trump’s Trump Media & Technology Group, has submitted yet another crypto exchange-traded fund (ETF), further dipping its toes into the digital asset sector. An update from the US Securities and Exchange Commission’s (SEC) website today shows that Trump Media has filed for a blue-chip cryptocurrency ETF.
Truth Social Submits S-1 Form
The media firm submitted an S-1 registration form with the US SEC seeking to list and trade the “Crypto Blue Chip” ETF. For context, the fund will provide investors with indirect exposure to cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, and Cronos.
Specifically, the investment vehicle will comprise approximately 70% BTC, 15% ETH, 8% SOL, 5% CRO, and 2% XRP. If approved, it would be one of the first funds with such weight distribution, offering a new dynamic for potential investors.
As seen in previous filings, Yorkville America Digital is the ETF sponsor, while Forix DAX Trust will act as the fund’s custodian. Furthermore, it would trade on the New York Stock Exchange, subject to regulatory approval from the US SEC.
A Step Deeper Into the Digital Asset Industry
Interestingly, this is not the first crypto ETF application from Truth Social. The firm applied for a Bitcoin spot ETF and a Bitcoin and Ethereum spot ETF last month. These multiple filings come on the heels of a partnership between its parent firm, Trump Media, and Singapore-based crypto exchange Crypto.com to debut a basket of “Made in America” investment products.
It is based on this partnership that Truth Social has included its native token Cronos in its Tuesday multi-asset crypto ETP application. Meanwhile, the CRO token has surged over 11% following the announcement.
Notably, Truth Social will hope that its multi-asset ETFs follow in the footsteps of Grayscale’s Digital Large Cap Funds, which include Bitcoin, Ethereum, XRP, and Cardano. The US SEC approved the funds last week but halted their conversion a few days later.
Notably, several other assets individually track these assets are waiting for approval from the US SEC. For instance, Bitwise and Franklin Templeton have applied for XRP and Solana spot ETFs with Wall Street’s top regulatory body.