Trump Media Launches Crypto ETF with Solana, XRP, and Cronos
Donald Trump’s media company is diving deeper into the crypto world. On July 8, Trump Media and Technology Group filed for a new ‘blue chip’ ETF. This fund will focus on a mix of Bitcoin,Ethereum,and select altcoins.
The Truth Social crypto Blue Chip ETF,or B.T., will have a 70% Bitcoin and 15% Ethereum allocation. It will also include 8% solana, 5% Bitcoin and 25% Ethereum allocation. The fund with the two most popular crypto assets will likely appeal to more risk-averse investors. Crypto.com will also serve as a custodian for this fund. The filings come as the U.S. takes a more amiable approach to crypto regulation.On July 1, reports came out that the SEC is planning to fast-track regulatory approvals for crypto ETFs. In talks with major crypto exchanges, the agency discussed enabling issuers to just file a form S-1 and wait for the required 75 days. If the SEC implements this change, Truth Social’s ETFs may already have done all that is required to get approval. Still, the SEC may require further changes to the filings.
Trump Media’s New Crypto ETF Features Solana, XRP, and Cronos
Donald Trump’s media company is venturing further into the crypto space. On July 8, Trump Media and Technology Group filed for a new ‘blue chip’ ETF. This fund will include a notable Bitcoin and Ethereum allocation, along with three key altcoins.
The Truth Social Crypto Blue Chip ETF, named B.T., will allocate 70% to Bitcoin and 15% to Ethereum. It will also include 8% Solana, 5% Cronos, and 2% XRP. The ETF will be listed on the NYSE Arca and managed as a Nevada buisness trust.
Crypto.com will handle the digital assets, acting as the custodian, execution agent, and staking provider. This isn’t their first crypto ETF. they previously filed for one with a 75% Bitcoin and 25% Ethereum allocation, catering to risk-averse investors. Both ETFs aim to diversify crypto investments.
U.S. crypto regulation is becoming friendlier. The SEC plans to speed up approvals for crypto ETFs. If approved, it might very well be a game-changer for investors. The SEC’s new approach may fast-track the ETF’s launch. Though, final approval is pending.
- 70% Bitcoin
- 15% Ethereum
- 8% Solana
- 5% Cronos
- 2% XRP
This move aligns with the U.S.’s growing crypto-friendly stance. the SEC is considering a streamlined approval process, possibly benefiting Truth Social’s offerings.The SEC’s proposed changes could mean the ETFs meet all necessary requirements.Yet, additional adjustments might still be needed.
For more details, visit the Trump Media and Technology Group website.
