Key dealers
- Trump-backed Truth Social is seeking regulatory approval to start a Crypto Blue Chip ETF supported by large crypto assets such as Bitcoin and Ethereum.
- The prospective ETF’s shares will trade in NYSE Arca if they are approved.
Truth Social, part of President Donald Trump-owned Group, Trump Media & Technology Group (TMTG), submitted on Tuesday one Form S-1 With Sec for a new investment product called Truth Social Crypto Blue Chip ETF.
The fund is sponsored by Yorkville America Digital LLC and aims to track five leading digital assets, including Bitcoin, Ethereum, Solana, Cronos and XRP, initially weighted to 70%, 15%, 8%, 5%and 2%respectively.
ETF will be listed on NYSE ARCA and rebalanced quarterly to maintain target allocations. Foris Dax Inc., a subsidiary of Crypto.com, will serve as the Fund’s liquidity supplier and balancing agent.
“Confidence is a passive investment vehicle that generally aims to reflect the prices of the prices of portfolio assets before payment of the confidence’s expenses and liabilities,” the archiving says. The fund will issue shares in blocks of 10,000 that can be created and redeemed by authorized participants.
If it is approved, the Fund’s shares will be listed on NYSE ARCA and be issued in creation units of 10,000. Originally, only cash creation and redemption are allowed. In-what transactions may follow in anticipation of the legislation approval.
ETF’s custodian and liquidity supplier is Foris Dax, Inc., connected to Crypto.com. Benchmark pricing is provided by CF’s CME index.
The notification is part of an ongoing pressure from Yorkville and Trump Media to position Truth Social and its “America First” brand in the digital asset space.
The units are also seeking Sec approval to launch Truth Social Bitcoin ETF, focused solely on Bitcoin and Truth Social Bitcoin & Ethereum ETFA hybrid investment product that offers exposure to the two leading digital assets.
