Trump Media Doubles Down On Crypto With ‘Blue Chip’ ETF To Include SOL, XRP, CRO

Trump Media, the parent company of Truth Social that is controlled by the Trump family, has submitted an S-1 filing to US regulators to launch a blue-chip crypto ETF (exchange-traded fund).

The development comes just 24 hours after Trump Media’s filing for a dual Bitcoin and Ethereum ETF was acknowledged by the US Securities and Exchange Commission (SEC).

Crypto ETF

SOL, CRO And XRP Included In New ETF

While the dual ETF only focuses on the two leading cryptos by market cap, the new ETF application, which was filed yesterday, also includes Solana (SOL), Cronos (CRO) and XRP (XRP). 

The filing for the “Truth Social Crypto Blue Chip ETF” said BTC and ETH will have an allocation of 70% and 15%, respectively. SOL, XRP and CRO will then all have single-digit allocations, with 8% to SOL, 5% to CRO and 2% to XRP.

CoinMarketCap data shows that XRP is currently the third largest crypto by market cap, while SOL is ranked sixth. Meanwhile, CRO is further down the list at number 34, with its capitalization standing at around $2.88 billion. 

CRO’s inclusion in the ETF application, despite its lower ranking compared to the other cryptos, could be due to Crypto.com’s partnership with Trump Media to launch a series of “Made In America” ETFs.

SOL, XRP and CRO all printed gains in the last 24 hours, CRO leading with a 14% pump.

Trump Media Blue Chip ETF Will Not Be Subject To CFTC Rules

If approved, the Truth Social Crypto Blue Chip ETF will trade on NYSE Arca, similar to the company’s proposed dual ETF.

The filing also said that the ETF will not operate as a registered investment company and will not be subject to Commodity Futures Trading Commission (CFTC) rules as a commodity pool.

The proposed blue chip crypto fund will instead issue and redeem shares through authorized broker-dealers in chunks of 10,000. By doing so, it makes it easier for the ETF’s price to remain close to the value of the underlying digital assets. 

Related Articles:

  • LetsBONK Dethrones Pump.Fun As Top Meme Coin Launchpad On Solana
  • Musk Says America Party Will Embrace Bitcoin As Trump Calls Him ‘Off the Rails’
  • Top Performing AI Tokens In Today’s Market

Comments

Post a Comment

Popular posts from this blog

Can Bitcoin (BTC) Surge To $250K Before 2025?

Image
After a notable uptick over the $100,000 mark, Bitcoin (BTC) dipped down. The king coin surged all the way to an all-time high of $103,900.47. Currently, the cryptocurrency is seen trading nearly 5% below this peak. While its recent stumble came as a shock to the market, the community was hoping that this was a mere correction. However, the real question is whether the asset could bounce back and even rise to a high of $150,000 over the next few weeks. Also Read: $100 Worth Of Shiba Inu Becomes $4.1 Million Today Bitcoin’s Current Price Source At press time, Bitcoin was trading at $99,293.81, following a 0.23% decline over the past 24 hours. It should be noted that BTC dropped down to a low of $94,000 during the weekend. The last two days were very volatile for the king coin. After this dip, BTC rose to a high of $101,267. Amidst this, the community has been coming up with several new predictions for the asset. According to many in the market, Bitcoin is expected to surge to a hig...
Read more

Shiba Inu: How To Make $1 Million If SHIB Reclaims $0.000086?

Image
Shiba Inu (SHIB) hit an all-time high of $0.00008616 on Oct. 28, 2021. Since its launch in August 2020, until it peaked in October 2021, SHIB’s price rose by many million percent. Early investors who got a whiff of the asset in its early days made millions of dollars in profits. SHIB has been on a downward trend since its 2021 highs. Many believe the SHIB boat may have sailed, while others think there is still time to make it big with the dog-themed cryptocurrency. Also Read: Shiba Inu: These People Made Millions And Billions With SHIB How Much SHIB Do You Need to Make $1 Million? Source: Twitter If SHIB hits $0.00008616, you will need 11,606,313,834.7 (11.6 billion) tokens to have one million dollars worth. The price of 11.6 billion SHIB right now is about $159,935. If this trade comes to fruition, your portfolio would have grown by around 525.2%. When Will Shiba Inu (SHIB) Reclaim Its Peak of $0.00008616? SHIB is currently down by 84% from its all-time high. The asset has strugg...
Read more

Solana’s Cardinal Protocol shuts down due to economic challenges

Image
Cardinal protocol, the Solana-based project that aimed to enhance the utility of non-fungible tokens (NFTs), is ceasing its operations due to economic conditions. Approximately a year after successfully raising $4.4 million in funding, the project has announced through a Twitter post that users should complete their withdrawals by August 26, indicating the winding down process. Navigating the macroeconomic environment The team behind Cardinal protocol expressed their challenges in navigating the challenging macro economic environment since their inception 18 months ago, stating that despite some traction in NFT-based products, they remain confined within the crypto maximalist community.  Hey Everyone, we have some unfortunate news to share After a lot of reflection, we’ve decided to begin the process of winding down our protocols. Let's dive into it ️ — Cardinal (@cardinal_labs) June 28, 2023 They continue with the operational aspect of their deployments comin...
Read more