The company filed paperwork with the US Securities and Exchange Commission (SEC) on Tuesday, aiming for approval to introduce the “Crypto Blue Chip ETF” later this year.
The proposed crypto ETF is designed to allocate 70% of its holdings in Bitcoin (BTC), the leading cryptocurrency, with an additional 15% in Ethereum (ETH), the second-largest digital asset.
This latest offering follows Trump Media’s earlier announcements about a simpler crypto ETF that only included Bitcoin and Ethereum. However, it remains unclear whether the company intends to proceed with that initial concept.
Over the past month, the regulatory agency, under the leadership of pro-crypto SEC Chairman Paul Atkins, has moved forward to end legal disputes with key players, such as Binance, Coinbase, and Uniswap.
Interestingly, Trump’s stance on Bitcoin has evolved significantly as well. Once a skeptic of cryptocurrencies, he has since embraced the industry, which has become a source of substantial campaign contributions and support.
At a recent news conference, Trump addressed these concerns, asserting that his family’s investments were entirely appropriate and highlighting his administration’s commitment to making the US the global leader in cryptocurrency. “If we didn’t have it, China would,” the President said.
At the time of writing, the official TRUMP memecoin is trading at $8.58. This represents a 17% drop over the past month and an 88% drop from its record high of $73, which was reached 24 hours after the token’s launch.
Featured image from DALL-E, chart from TradingView.com
