XRP News Today: Trump Media Files for Crypto ETF Holding Bitcoin, Ether, Solana, Cronos, XRP

Trump Media & Technology Group Corp. has intensified its involvement in the cryptocurrency sector by filing for a new exchange-traded fund (ETF) that will hold a variety of digital assets, including Bitcoin, Ether, Solana, Cronos, and XRP. This filing, submitted on Tuesday, marks the company's third ETF application and proposes the launch of the “Crypto Blue Chip” fund. The fund, if approved, will directly hold Bitcoin, Ether, Solana, Cronos, and XRP, with nearly three-quarters of its holdings comprised of Bitcoin, the largest token in the market. Notably, while ETFs holding Bitcoin and Ether already trade in the U.S., no such funds currently hold Cronos or XRP directly.

This latest filing is part of Trump Media’s broader strategy to expand its digital asset offerings. The company, which is majority-owned by Donald Trump, has previously filed for a Bitcoin-Ether product and another ETF tied solely to Bitcoin. The launch of any of these ETFs would add to the growing number of crypto-focused funds in the U.S. market, which already includes more than 10 Bitcoin-specific funds and various other digital-asset-based products. The proposed ETFs from Trump Media would directly compete with existing issuers in the space, each vying to differentiate themselves in the crowded market.

Trump Media, the entity behind the social media platform Truth Social, has faced criticism from ethics experts regarding the 's deepening ties to the crypto industry. Concerns have been raised about the potential for financial gain in areas where Trump also sets policy. However, the White House has maintained that the president is insulated from his namesake businesses.

During his presidential run, Trump embraced the crypto industry and has followed through on several promises related to it. The price of Bitcoin has risen significantly during Trump’s second term, increasing roughly 55% since October to currently trade around $108,900 apiece. This surge in Bitcoin's value aligns with Trump's supportive stance on the cryptocurrency industry, further solidifying his involvement in the sector.

The proposed Truth Social Crypto Blue Chip ETF will have 70% of its holdings in Bitcoin, 15% in Ethereum, 8% in Solana, 5% in Cronos, and 2% in XRP. The fund will be structured as a Nevada business trust and issue its shares on the NYSE Arca. Crypto.com, the issuer of Cronos, will act as the digital custodian for the ETF’s assets, as well as the prime execution agent, staking, and liquidity provider. This filing follows two previous ETF applications by Trump Media, including an ETF with a 75% allocation in Bitcoin and a 25% allocation in Ethereum, and the Truth Social Bitcoin and Ethereum ETF, which will allocate 75% of its holdings to Bitcoin and 25% to Ethereum. Both of these funds will also have Crypto.com as their custodian.

The filings come at a time when the U.S. is adopting a more favorable approach to crypto regulation. Reports indicate that the SEC is planning to expedite regulatory approvals for crypto ETFs, which could potentially speed up the approval process for Trump Media's ETFs. However, it remains unclear whether the SEC will require further changes to the filings. The launch of the Truth Social Crypto Blue Chip ETF is pending the effectiveness of the Registration Statement as well as approval of a Form 19b-4 filing with the SEC. If approved, the ETF will provide investors with access to a diversified portfolio of digital assets, including some of the most popular cryptocurrencies in the world. This move by Trump Media and Technology Group demonstrates its commitment to expanding its digital asset strategy and providing investors with more options in the cryptocurrency market.