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The world of cryptocurrency has just witnessed a significant development as Trump Media, the parent company of Truth Social, filed with the U.S. Securities and Exchange Commission (SEC) to launch its own Bitcoin and Ethereum ETF. This move comes hot on the heels of the SEC’s acknowledgment of Trump Media’s application for a similar ETF on July 7.
The proposed fund, which is expected to track the performance of underlying digital assets, aims to provide investors with an easy entry point into the cryptocurrency market. The ETF will be comprised primarily of Bitcoin (BTC) and Ethereum (ETH), while a smaller portion of it will go towards Solana (SOL), Cronos (CRO), Ripple (XRP).
It’s noteworthy that roughly 70% of the fund will be invested in Bitcoin, with smaller allocations to other coins. This ETF would give users the ability to invest in these assets without having to manage them personally.
Crypto.com, a well-known crypto exchange, has agreed to handle storage and trading of digital assets, providing staking services as well as ensuring liquidity for this ETF.
Before the fund can be launched, it must first receive approval from the SEC.
Source: www.cryptonewsz.com
