Trump's Company Filed for Bitcoin, Ethereum, and These Altcoins with the SEC!

Truth Social has submitted a cryptocurrency ETF application to the SEC covering Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cronos (CRO).

The social media platform Truth Social, backed by Donald Trump, has filed an application for a cryptocurrency-focused exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The fund, named "Crypto Blue Chip ETF," will have a portfolio composed of high market capitalization cryptocurrencies. The portfolio includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cronos (CRO).

According to the documents submitted to the SEC, the Truth Social Crypto Blue Chip ETF is primarily composed of Bitcoin (70%) and Ethereum (15%). The distribution of other cryptocurrencies in the fund’s portfolio is determined as Solana 8%, Cronos 5%, and XRP 2%. These crypto assets will be custodied and managed on behalf of investors by Foris DAX Trust Company.

Notable Details in the ETF Application

According to the application documents, the ETF will be traded on the New York Stock Exchange's Arca platform. Yorkville America Digital LLC is listed as the sponsor of the application, while Truth Social is shown as the fund manager. For the fund to gain ETF status, SEC approval is required, and when this approval will be granted is still uncertain.

This move by Truth Social has led to comments that the company aims to expand its user base by entering the cryptocurrency world with financial products. The SEC's decision will be on the radar of both Trump-backed companies and cryptocurrency investors.

If the ETF application is accepted, it is expected that Truth Social's impact on financial markets could significantly increase.