Trump officially enters the crypto ETF table
Today, Trump Media Technology Group threw an S-1 registration statement to the SEC, announcing the launch of the "Truth Social Crypto Blue Chip ETF". The core configuration is simple and crude: 70% of the position is against Bitcoin, 15% is given to Ethereum, SOL takes 8%, CRO accounts for 5%, and XRP only gets 2% of the scraps. Custody and pledge are all included in Crypto.com, and the listing channel is bet on NYSE Arca - but don't worry, before the SEC's green light is on, this is just a "painted pie".
1. Political chips are stuffed into the investment portfolio, SOL and XRP become open cards
This basket of coins is selected "Trump" enough: Bitcoin is heavily invested in accordance with his recent pro-Bitcoin stance, but the inclusion of SOL and the lawsuit-ridden XRP is intriguing - the former is the focus of the SEC's crackdown, and the latter is pending litigation, which is obviously betting on a regulatory shift. Crypto.com not only acts as a custodian, but also forces its own token CRO to account for 5% of the position, and the commercial operation is not concealed.
The deeper intention is hidden in TMTG's strategy: the financial brand Truth.Fi has long been rumored to launch an "America First" ETF, using 250 million of its own funds to cooperate with Crypto.com to open up the technology chain, aiming directly at the wallets of conservative investors. As soon as the news of the cooperation came out in March, DJT's stock price soared 9% after the market, even though the company lost 400 million US dollars last year - the market is eating this "political narrative".
2. New sickle or running water?
In the short term, MEME tokens, especially Trump-related currencies, may take advantage of the situation, but the ETF will be listed at least until next year. If approved in the long term, it means:
1. Wall Street's traditional funds have an additional high-volatility allocation channel, and 70% of the main Bitcoin positions are actually handing a knife to institutions;
2. SOL enters the mainstream ETF basket for the first time. If it passes, it will become a major endorsement, and the competition landscape of the public chain will change;
3. CRO has received strong exposure, but the 5% share shows that platform coins are still difficult to get rid of the "self-entertainment" label.
3. The regulatory knife is still in the hands of the SEC
Don’t be fooled by the gorgeous lineup. The new SEC Chairman Paul Atkins is indeed crypto-friendly, but the legal risks of SOL and XRP are a minefield, and the 19b-4 document may be blocked. More realistically, TMTG’s own cash flow is shabby, and whether the ETF management fee can fill the hole is a problem. Be careful that the "Trump concept" will become a scene of cutting vegetables as soon as it lands.
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