Trump Media Eyes Crypto ETF Market with New “Blue Chip” Fund
Trump Media and Technology Group Corp. (Nasdaq, NYSE Texas: DJT) has announced its filing for a Crypto Blue Chip ETF, a new investment product targeting investors interested in Bitcoin and other altcoins.
According to an official statement, the company, heavily associated with former President Donald Trump, intends for the ETF to allocate 70% of its investments to Bitcoin (BTC).
The remaining portion of the fund will be diversified across four altcoins: Ethereum (ETH), Solana (SOL), Cronos (CRO), and Ripple (XRP).
Crypto.com to Serve as Custodian for Trump Media’s Crypto Blue Chip ETF
The proposed allocation for each altcoin is as follows: 15% in Ether, 8% in SOL, 5% in CRO, and 2% in XRP. The ETF aims to mirror the market fluctuations of Bitcoin and these alternative cryptocurrencies.
To provide institutional-grade security, Trump Media has selected Crypto.com to act as the custodian for the ETF’s cryptocurrency holdings. This arrangement ensures that all invested cryptocurrency assets are held by a trusted custodian, safeguarding the ETF’s value.
“Crypto.com will serve as the exclusive digital asset custodian and principal execution agent for the ETF, as well as a liquidity provider and staking partner,” Trump Media stated.
The company is now awaiting approval from the U.S. Securities and Exchange Commission (SEC). If approved, the ETF will be listed on the NYSE Arca exchange.
Yorkville America Digital will act as the product’s sponsor, assisting Trump Media throughout the approval process.
Trump Media’s Third Crypto ETF Filing in Under a Month
This filing marks Trump Media’s third attempt to enter the cryptocurrency ETF market in recent weeks.
The consecutive filings indicate the company’s strategy to offer a range of cryptocurrency investment products, from Bitcoin-focused ETFs to those incorporating a mix of altcoins. The inclusion of CRO, the native token of Crypto.com, in the new ETF is particularly noteworthy.
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