Trump Media's Truth Social has formally submitted an application for a crypto-based exchange-traded fund (ETF). The new fund, titled 'Truth Social Crypto Blue Chip ETF', aims to track the performance of several major digital assets.
Overview of the New ETF
The ETF will target major digital assets including Bitcoin, Ethereum, Solana, Cronos, and XRP. According to the filed prospectus, 70% of the assets will be allocated to Bitcoin, 15% to Ether, 8% to Solana, with Cronos and XRP comprising 5% and 2% respectively. These allocations are set and cannot be changed without amendments and regulatory consent.
History of the Filing
The new ETF registration has been submitted to the U.S. Securities and Exchange Commission (SEC). This fund is structured as a business trust registered in Nevada and is sponsored by Yorkville America Digital. The ETF will be listed on NYSE Arca pending all necessary approvals.
Future Prospects of the Proposed ETF
Upon approval, the ETF is expected to raise interest in both financial and crypto-related markets. This offering will allow retail and institutional investors to access the crypto economy without directly managing assets. Trump Media's initiatives reflect a commitment to integrating digital assets into traditional investment channels.
These steps by Trump Media indicate a growing interest in integrating cryptocurrencies into the broader investment landscape.
