By ALAN SUDERMAN, AP Business Writer
President Donald Trump continues to expand his crypto-related offerings, this time with a planned exchange-traded fund tied to the prices of five popular cryptocurrencies.
Trump Media & Technology Group, a Florida company that operates the Truth Social media platform, announced Tuesday it had filed paperwork with the Securities and Exchange Commission for approval to launch the “Crypto Blue Chip ETF” later this year.
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.