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Trump-Backed Truth Social Files to Launch Crypto ETF Holding $1B in BTC, ETH, and More
Truth Social, the social media platform backed by former US President Donald Trump, has taken a significant step into the cryptocurrency space. The company has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that will hold over $1 billion in a basket of major cryptocurrencies.
The proposed ETF, dubbed Truth Social Crypto Blue Chip ETF, will track the performance of five “blue chip” digital assets: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cronos (CRO), and Ripple’s XRP. This ETF is set to be listed on the New York Stock Exchange Arca (NYSE Arca) and will aim to provide a diversified exposure to legacy and next-generation blockchain networks.
The ETF’s digital asset holdings will be managed by Foris DAX Trust Company, LLC, a subsidiary of Crypto.com, which will serve as the sole custodian and prime execution agent. This includes staking services, market liquidity provisioning, and asset security. Additionally, Foris DAX will act as the rebalancing agent to ensure the asset allocation remains consistent with its investment mandate.
The ETF’s structure is unique in that it plans to directly hold the underlying digital assets rather than using futures-based products like other existing crypto ETFs. This approach has been met with both excitement and skepticism from the community, with some praising the move for providing a more straightforward way to gain exposure to these cryptocurrencies and others expressing concern over regulatory risks.
It is worth noting that Truth Social’s ambitions extend beyond this particular ETF. The company aims to create a full suite of investment products offering everyday investors access to digital assets without having to navigate complex wallets or exchanges.
Source: www.cryptoninjas.net
