Trump Media, which operates the Truth Social platform, has submitted a filing for an ETF to track the performance of several major crypto assets.
ETF Filing Details
According to a filing made on Tuesday with the United States Securities and Exchange Commission (SEC), the 'Truth Social Crypto Blue Chip ETF' will track the performance of a basket of top crypto assets, including Bitcoin, Ether, Solana, Cronos, and XRP. The preliminary prospectus states that the ETF will allocate 70% of its holdings to BTC, 15% to ETH, 8% to SOL, 5% to CRO, and 2% to XRP.
Structure and Management
The investment vehicle is structured as a Nevada business trust and is sponsored by Yorkville America Digital. The trust’s shares will be listed on the New York Stock Exchange (NYSE) Arca after receiving the necessary regulatory approvals. The ETF will not operate as a registered investment company and will not be subject to Commodity Futures Trading Commission (CFTC) rules.
Previous Attempts by Truth Social
Truth Social's filing for an ETF tracking a basket of top crypto assets follows a previous attempt to file for a dual-spot Bitcoin and Ether ETF. On June 16, the company submitted a different S-1 filing for the ETF backed by assets held by Crypto.com.
Such initiatives from Truth Social highlight the growing interest in crypto assets and the desire to provide investors with access to these markets through traditional financial instruments.
