Donald Trump's Trump Media and Technology Group (DJT) is accelerating the expansion of the cryptocurrency market by announcing the launch of another cryptocurrency Exchange Traded Fund (ETF). This ETF, named 'Truth Social Crypto Blue Chip ETF', will be listed on the NYSE Arca platform and will hold Bitcoin, Ethereum, Solana, Chronos, and XRP.
According to the disclosure, the ETF will be composed of 70% Bitcoin in its portfolio, 15% Ethereum, and the remainder will be 8% Solana, 5% Chronos, and 2% XRP. Trump Media is currently pursuing its third cryptocurrency ETF launch this year, with previous products designed with different Bitcoin and Ethereum proportions or focusing on a single Bitcoin asset.
The background of this new product includes an analysis that reveals the strategy to expand the cryptocurrency market and Trump's economic vision after his presidency. Trump Media previously announced in May that it would raise approximately $2.5 billion to purchase Bitcoin. In March, they also revealed plans to expand ETF product distribution through collaboration with cryptocurrency trading platform Crypto.com.
Currently, Bitcoin is trading slightly below $109,000, Ethereum is above $2,600, Solana is around $151, Chronos is at 10 cents, and XRP is at $2.30.
Trump Media's stock price rose about 3% on July 8th (local time) when the ETF application was announced, but it has still declined by over 40% this year. Meanwhile, political and financial circles suggest that the approval of Trump's cryptocurrency ETF by regulatory authorities could determine the pace of cryptocurrency market institutionalization.
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