Trump Media Accelerates Crypto Pursuits, Files Third ETF Filing

Source Bitcoinist

President Donald Trump’s social media company announced on Tuesday plans to launch a new crypto exchange-traded fund (ETF) that will track the prices of five different cryptocurrencies. 

The company filed paperwork with the US Securities and Exchange Commission (SEC) on Tuesday, aiming for approval to introduce the “Crypto Blue Chip ETF” later this year.

New Crypto Blue Chip ETF

The proposed crypto ETF is designed to allocate 70% of its holdings in Bitcoin (BTC), the leading cryptocurrency, with an additional 15% in Ethereum (ETH), the second-largest digital asset. 

It will also include 8% in Solana (SOL), hold 5% in XRP, the cryptocurrency developed by Ripple Labs, and 2% in the digital asset created by Crypto.com (CRO), which is set to serve as the ETF’s digital custodian.

This latest offering follows Trump Media’s earlier announcements about a simpler crypto ETF that only included Bitcoin and Ethereum. However, it remains unclear whether the company intends to proceed with that initial concept.

Crypto ETFs have surged in popularity, providing investors a streamlined way to gain exposure to the crypto market without the need to purchase the assets directly. The increasing interest in these funds has been evident since the first Bitcoin ETFs began trading in US markets last year.

Trump’s Crypto Strategy For The US

Recent developments in regulatory guidance from the SEC could further facilitate the launch of such products. The agency has made moves towards creating a more favorable environment for crypto businesses, including dropping or pausing several enforcement actions against crypto companies since Trump took office. 

Over the past month, the regulatory agency, under the leadership of pro-crypto SEC Chairman Paul Atkins, has moved forward to end legal disputes with key players, such as Binance, Coinbase, and Uniswap.

Interestingly, Trump’s stance on Bitcoin has evolved significantly as well. Once a skeptic of cryptocurrencies, he has since embraced the industry, which has become a source of substantial campaign contributions and support. 

While the Trump administration has actively supported crypto-friendly regulations, this has raised eyebrows among critics. Allegations of potential corruption have emerged from Democrats, alongside concerns from some within the crypto community about the implications of Trump’s family’s expanding crypto business ventures.

At a recent news conference, Trump addressed these concerns, asserting that his family’s investments were entirely appropriate and highlighting his administration’s commitment to making the US the global leader in cryptocurrency. “If we didn’t have it, China would,” the President said. 

Trump

At the time of writing, the official TRUMP memecoin is trading at $8.58. This represents a 17% drop over the past month and an 88% drop from its record high of $73, which was reached 24 hours after the token’s launch.

Featured image from DALL-E, chart from TradingView.com

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Germany CPI Preview: Headline inflation expected to rise 2.1% YoY in AugustThe Federal Statistical Office of Germany (Destatis) will publish the country’s preliminary estimate of the Harmonized Index of Consumer Prices (HICP) inflation data for August on Friday at 12:00 GMT.
Author  FXStreet
Aug 29, Fri
The Federal Statistical Office of Germany (Destatis) will publish the country’s preliminary estimate of the Harmonized Index of Consumer Prices (HICP) inflation data for August on Friday at 12:00 GMT.
placeholder
Forex Today: US Dollar stabilizes ahead of key PCE inflation dataThe US Dollar (USD) finds a foothold early Friday after posting losses for three consecutive days.
Author  FXStreet
Aug 29, Fri
The US Dollar (USD) finds a foothold early Friday after posting losses for three consecutive days.
placeholder
Pound Sterling corrects ahead of US PCE inflation dataThe Pound Sterling (GBP) corrects to near 1.3500 against the US Dollar (USD) during the European trading session on Friday.
Author  FXStreet
Aug 29, Fri
The Pound Sterling (GBP) corrects to near 1.3500 against the US Dollar (USD) during the European trading session on Friday.
placeholder
Solana Price Hits 6-Month High, Unbothered By $432 Million SellingSolana has surged to a six-month high, continuing its strong uptrend in the broader crypto market.
Author  Beincrypto
Aug 29, Fri
Solana has surged to a six-month high, continuing its strong uptrend in the broader crypto market.
placeholder
The “No-Error Era” for AI Chip Stocks: Marvell Meets Expectations Yet Plunges 11%Despite delivering solid results, Marvell stock plummeted 11.28% in after-hours trading after its Q3 revenue guidance came in slightly below expectations.
Author  TradingKey
Aug 29, Fri
Despite delivering solid results, Marvell stock plummeted 11.28% in after-hours trading after its Q3 revenue guidance came in slightly below expectations.
goTop
quote