Trump Media, owner of the Truth Social platform, is making another move into the digital asset space by filing paperwork with the SEC for a new ETF.
Details of Trump Media's ETF
Trump Media has filed for the 'Truth Social Crypto Blue Chip ETF,' which will track the performance of five major cryptocurrencies. Plans are in place for a listing on NYSE Arca, known for its diverse crypto offerings.
Structure and Portfolio Allocation
The ETF will focus heavily on Bitcoin, which will account for 70% of the portfolio, followed by 15% in Ether, 8% in Solana, 5% in Cronos, and 2% in XRP. Shares will be issued and redeemed in blocks through authorized brokers.
Trump Family's Cryptocurrency Ventures
Cryptocurrency initiatives now account for nearly 10% of the Trump family's net worth, around $620 million. The projects include a stake in American Bitcoin and the recently launched meme coin, which briefly surged in value.
The launch of the new ETF highlights the Trump family's growing interest in cryptocurrency assets and their aim to expand their presence in financial markets.
