The platform Truth Social, owned by Trump Media & Technology Group, has filed for the creation of a Crypto Blue-Chip ETF that includes major crypto assets.
Details of the Crypto Blue-Chip ETF
The ETF application has been filed with the U.S. Securities and Exchange Commission (SEC). The document outlines the cryptocurrencies that will be supported by the fund: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cronos (CRO). According to the filing, Bitcoin will comprise 70% of the total fund's holdings, with Ethereum at 15%.
Market Response to the News
Following the filing, Bitcoin showed little price increase, although it has rebounded somewhat from a drop below $108,000. Ethereum and XRP rose by over 1% within a 24-hour period, while Solana remained just above $150. However, CRO emerged as the biggest gainer, soaring over 17% at one point.
Prospects for the ETF and Cryptos
Despite the lack of significant price surges for Bitcoin after the news, the Truth Social initiative to create an ETF may promote wider crypto adoption in the mainstream. The fund could be a significant step in the development of digital assets and attract new investors to the market.
The filing for the Crypto Blue-Chip ETF by Truth Social highlights the growing interest in cryptocurrencies. The market reaction indicates that while Bitcoin has not seen a significant rise, the ETF's potential could elevate attention to this measure in the future.
