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The
proposed ETF would have 70% of its holdings in bitcoin, the
world’s most popular cryptocurrency, 15% in ethereum, the
second-most popular, and 8% in solana, a cryptocurrency popular
in the meme coin community. The fund would hold 5% in the
cryptocurrency developed by the company Ripple and 2% in the
crypto created by the exchange Crypto.com, which will act as the
ETF’s digital custodian.
Trump Media previously announced plans for a crypto ETF with
just bitcoin and ethereum. It’s unclear if the company plans to
move forward with that ETF offering. Trump Media did not
immediately return a request for comment.
Cryptocurrency-based ETFs make it easier for investors to gain
exposure to cryptocurrencies without having to buy them
directly. These funds have exploded in popularity since bitcoin
ETFs began trading in U.S. markets last year.
The SEC released new guidelines last week for crypto ETF issuers
as part of the Trump administration’s push to create a more
welcoming regulatory environment for crypto-related companies.
The agency has also dropped or paused several enforcement
actions against crypto companies since Trump took office.
Trump was once a bitcoin skeptic who has since warmly embraced
the cryptocurrency industry, which has showered him with
campaign and other types of contributions. Ripple, for example,
was one of the biggest donors to Trump’s inaugural committee.
While the Trump administration has pushed for crypto-friendly
regulations and laws, the Trump family has aggressively sought
to expand its crypto-related businesses. That dynamic has led to
allegations of corruption from Democrats and concern among some
crypto enthusiasts that the president may be undermining their
efforts to establish credibility and stability for the industry.
At a news conference last month, Trump dismissed any notion that
his family’s investments were improper and touted his
administration’s efforts to make the U.S. the world capital for
crypto.
“If we didn’t have it, China would,” Trump said.
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