Trump Media Submits Form S-1 for Crypto Blue Chip ETF

American media and technology company Trump Media has filed for a crypto exchange-traded fund (ETF) that tracks various cryptocurrency assets.

The company filed an S-1 registration form for the Truth Social Crypto Blue Chip ETF with the United States Securities and Exchange Commission (SEC).

Trump Media Applies For Crypto Blue Chip ETF

The ETF’s portfolio will consist of 70% BTC, 15% ETH, 8% SOL, 5% Cronos, and 2% XRP. The firm believes that the diversified exposure to various cryptocurrencies will enable investors to gain from the price movements of these assets. By indicating a notable dominance of Bitcoin, Trump Media shows its commitment to bringing potential buyers closer to the apex crypto.

Trump Media has appointed Crypto.com as the ETF’s custodian, prime execution agent, and provider of staking and liquidity services. The financial product will be listed on the New York Stock Exchange division, NYSE Arca, with Yorkville America Digital as the sponsor.

Notably, Trump Media’s stock, DJT, saw a mild price jump following the firm’s announcement to launch an ETF. According to data from Google Finance, it sold for $19.06, representing a 1.76% increase within the past 24 hours.

Like Trump Media, Truth Social, another crypto-focused firm linked to Donald Trump, has applied for a Bitcoin ETF.

Wen Approval?

Like other crypto ETFs in the pipeline, Trump Media awaits the SEC’s approval. Only then will the Crypto Blue Chip ETF be tradable.

Aside from Trump Media’s ETF, other companies have filed for ETFs tracking other cryptocurrencies. These crypto assets include SOL, APT, LTC, AVAX, and XRP. Currently, the SEC has not endorsed these financial instruments.

A recent report disclosed that the securities regulator is currently in discussions about modifying its listing standards for token-based ETFs. This modification entails speeding up the approval process by eliminating the submission of various forms and the long waits currently in use. The proposed change would enable issuers to have their ETFs approved more quickly.