Solana, XRP, Cronos crypto included in new Trump’s ‘blue chip’ ETF
Solana, XRP, and Cronos will be among the altcoins featured in Trump Media and Technology Group’s ‘blue chip’ ETF.
Donald Trump’s Truth Social brand firm is expanding its crypto exposure with a new ‘blue chip’ ETF. On Tuesday, July 8, Trump Media and Technology filed an initial registration statement on Form S-1 for a multi-asset crypto ETF.
Pending U.S. Securities and Exchange Commission approval, the fund will include a 70% Bitcoin (BTC) and a 15% Ethereum (ETH) allocation, and will also feature three prominent altcoins. Specifically, it will have an 8% Solana (SOL) allocation, 5% for Cronos (CRO), and 2% in XRP (XRP).
The Truth Social Crypto Blue Chip ETF, B.T., will be structured as a Nevada business trust and issue its shares on the NYSE Arca. Crypto.com, the issuer of Cronos, will act as the digital custodian for the ETF’s assets. It will also serve as the prime execution agent, as well as the staking and liquidity provider.
Trump’s media empire expands into crypto
This was not the first ETF filed under the Truth Social brand. For one, Trump Media and Technology also filed for an ETF that included a 75% allocation in Bitcoin and 25% allocation in Ethereum. The fund with the two most popular crypto assets will likely appeal to more risk-averse investors. Crypto.com will also serve as a custodian for this fund.
The filings come as the U.S. takes a more friendly approach to crypto regulation. On July 1, reports came out that the SEC is planning to fast-track regulatory approvals for crypto ETFs. In talks with major crypto exchanges, the agency discussed enabling issuers to just file a form S-1 and wait for the required 75 days.
If the SEC implements this change, Truth Social’s ETFs may already have done all that is required to get approval. Still, the SEC may require further changes to the filings.
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