Donald Trump Truth Social Files For ‘Crypto Blue Chip ETF’
Highlights
- Trump's Truth Social has filed for a crypto blue chip ETF, which is expected to list on the NYSE.
- This ETF will primarily contain coins like Bitcoin, Ethereum, Solana, XRP, and Cronos.
- The fund will primarily hold 70% Bitcoin, 15% Ethereum, 8% Solana, 5% Cronos, and 2% XRP.
Donald Trump’s Truth Social has made further headway into the crypto ETF space, with a filing for a multi-crypto asset fund. This fund will hold Bitcoin, Ethereum, Solana, XRP, and Cronos in a manner weighted according to their various market caps.
Trump’s Truth Social Files For Multi-Asset ETF
A SEC filing shows that Trump’s Truth Social has filed for a ‘Crypto Blue Chip ETF’. The fund will consist primarily of Bitcoin, Ethereum, Solana, XRP, and Cronos, which a custodian will hold on behalf of the Trust.
The Trust’s allocation of its assets to the portfolio assets would approximate percentages by value of 70% Bitcoin, 15% Ethereum, 8% Solana, 5% Cronos, and 2% XRP. The Truth Social Crypto Blue Chip ETF will seek to track the performance of the assets and provide institutional investors with exposure to these crypto assets.
Furthermore, the filing revealed that Yorkville America Digital will be the Trust’s sponsor, and Foris DAX Trust Company will be the custodian of the Trust’s portfolio asset holdings. The filing didn’t provide details of what the fee structure for the fund will be.
Meanwhile, this marks a further headway into the crypto space of the president’s company. As CoinGape reported, the company has already filed for a Dual Bitcoin and Ethereum ETF.
This filing is a registration statement, and the firm will still need to file a 19b-4 filing through an exchange. The New York Stock Exchange (NYSE) is expected to file this 19b-4 for the Truth Social Crypto Blue Chip ETF. The filing revealed that the shares of the fund will trade on the exchange.
Notably, the Cronos price surged over 3% following the revelation of the filing, according to data from CoinMarketCap. CRO is also up over 12% in the last 24 hours. The Bitcoin, Ethereum, Solana, and XRP prices recorded minimal gains.
Expert Comments On Crypto ETF Filing
In an X post, market expert Nate Geraci noted that Trump’s Truth Social has filed for an index-based crypto ETF. He again predicted that the market would likely see a wave of crypto index ETF filings.
Meanwhile, Geraci remarked that Grayscale can’t be happy having a stay issued on its GDLC approval order. As CoinGape reported, the SEC issued a stay order on the Digital Large Cap fund along with the approval order.
This means that the GDLC fund, which contains BTC, ETH, ADA, SOL, and XRP, could launch alongside other index crypto ETFs like Truth Social’s. Geraci stated that first to market matters, and the SEC holding up Grayscale’s fund jeopardizes that advantage.
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