Trump’s Truth Social files with SEC to launch ‘Crypto Blue Chip’ ETF tracking BTC, ETH, SOL, XRP and CRO
Quick Take
- Donald Trump’s Truth Social has filed a registration statement with the SEC for a “Crypto Blue Chip” ETF.
- The ETF will primarily consist of BTC, ETH, SOL, XRP, and CRO, according to the preliminary prospectus.
Truth Social, the social media arm of Trump Media & Technology Group, has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission for a "Crypto Blue Chip" exchange-traded fund.
If approved, the trust's assets will "primarily consist of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cronos (CRO)" — the native cryptocurrency of the Cronos blockchain, which is closely associated with the Crypto.com ecosystem — according to the preliminary prospectus. The initial allocation is expected to approximate percentages by value of 70% BTC, 15% ETH, 8% SOL, 5% CRO, and 2% XRP, the filing adds.
Truth Social previously applied for a spot Bitcoin ETF in June, followed swiftly by a submission for a Bitcoin and Ethereum combo ETF.
Like those registration statements, the "Truth Social Crypto Blue Chip ETF" is sponsored by Yorkville America Digital, and Foris DAX Trust Company serves as its custodian for digital assets, according to the filing. Similarly, shares in the ETF are intended to be offered on the New York Stock Exchange Arca.
Earlier this year, Trump Media signed a binding agreement with Crypto.com and asset management firm Yorkville America Digital to launch a series of ETFs, which are expected to comprise various digital assets and securities with a "Made in America" focus. In March, Cronos controversially approved a proposal to reissue 70 billion CRO ($6.9 billion) that was previously burned in 2021, amid Crypto.com's plans for an ETF application.
Other asset managers, such as Bitwise, Grayscale, Franklin Templeton, and REX Shares, are also seeking the SEC's green light for several spot crypto ETFs, including products focused on XRP, Solana, Dogecoin, Cardano, Avalanche, Hedera, Litecoin, and Polkadot. The flurry comes amid a new era for the agency under the pro-crypto Trump administration, with expectations that it will offer a friendlier ear than in the previous Biden administration.
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