]
Key Notes
- Truth Social’s crypto ETF will allocate 70% to Bitcoin, 15% to Ethereum, and smaller portions to XRP, Solana, and Cronos.
- Crypto.com affiliate Foris DAX Inc serves as custodian and liquidity provider for the proposed exchange-traded fund.
- Two additional crypto ETF products focusing on Bitcoin and Bitcoin-Ethereum combinations are also seeking regulatory approval.
Truth Social, the social media platform owned by US President Donald Trump through Trump Media & Technology Group (TMTG), has further intensified its crypto investment drive. On Tuesday, July 8, the company filed a Form S-1 with the US Securities and Exchange Commission (SEC) for a Truth Social Crypto Blue Chip ETF.
Trump’s Truth Social S-1 Filing for Crypto Blue Chip ETF | Source: SEC.Gov
Sponsored by Yorkville America Digital LLC, the ETF will track the performance of five major digital assets, Bitcoin
BTC
$108 323
24h volatility:
0.4%
Market cap:
$2.15 T
Vol. 24h:
$26.26 B
, Ethereum
ETH
$2 559
24h volatility:
0.3%
Market cap:
$308.90 B
Vol. 24h:
$16.38 B
,
XRP
$2.26
24h volatility:
0.2%
Market cap:
$133.78 B
Vol. 24h:
$4.52 B
, Solana
SOL
$149.3
24h volatility:
1.2%
Market cap:
$79.99 B
Vol. 24h:
$4.32 B
, and Cronos
CRO
$0.0807
24h volatility:
0.3%
Market cap:
$2.51 B
Vol. 24h:
$12.19 M
, with an initial allocation of 70%, 15%, 8%, 5%, and 2% respectively.
If approved, the fund will trade on NYSE Arca, issuing shares in creation units of 10,000. Only cash-based creations and redemptions will be allowed at launch, with in-kind transactions to be considered pending future regulatory clearance.
Truth Social Lists Crypto.com, CME, and CF Benchmarks as Custodian Providers
Foris DAX Inc., a US affiliate of Crypto.com, is listed as both the custodian and liquidity provider for the ETF. CF Benchmarks, a leading crypto index provider, will offer real-time pricing through its CME-based benchmark indices.
In addition to the Blue Chip ETF, Truth Media and Yorkville are seeking SEC approval for two more products: the Truth Social Bitcoin ETF and the Truth Social Bitcoin & Ethereum ETF, which will offer more concentrated exposure to BTC and ETH respectively.
Trump’s Influence Could Spark Demand for Best Wallet Presale
Increased mainstream awareness from Trump’s Truth Social filing for multiple crypto ETFs, could drive demand for self-custody tools like Best Wallet.
Now in presale at $0.025295, the $BEST token unlocks reduced fees, early access to launches, higher staking rewards, and governance rights. With over $13.7M raised, click here to join the presale before the next price increase
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
