A new cryptocurrency exchange-traded fund (ETF) is being developed by Donald Trump's Media & Technology Group, in collaboration with Yorkville America Digital. The 'Truth Social Crypto Blue Chip ETF' aims to track the performance of a select group of digital assets, including bitcoin, ether, solana, XRP, and cronos. According to the filing with the SEC, the fund will distribute 85% of its holdings between bitcoin and ether, with solana, cronos, and XRP making up the remaining 15%. The ETF's custodian will be Crypto.com's Foris DAX Trust Company, responsible for the secure storage of the underlying cryptocurrency assets.
This move marks the latest effort by Trump Media to establish a strong presence in the cryptocurrency investment space, following previous attempts to launch Bitcoin and Ether ETFs. The SEC has acknowledged the application, and the next step involves the exchange filing a 19b-4, which will initiate a formal review process.