While most media companies content themselves with the traditional revenue streams of advertising and subscriptions, Trump Media & Technology Group has filed an SEC Form S-1 for what it calls a “Truth Social Crypto Blue Chip ETF”—a fund that would hold Bitcoin, Ether, Solana, Cronos, and XRP directly, with the peculiar specificity of a 70-15-8-5-2 percentage allocation that suggests someone spent considerable time deciding whether XRP deserved that extra percentage point.
The allocation’s mathematical precision—70-15-8-5-2—betrays the kind of deliberate calculation that suggests heated boardroom debates over single percentage points.
The July 8, 2025 filing marks Trump Media’s third crypto ETF attempt this year, following previous proposals for a Bitcoin-heavy fund (75% Bitcoin, 25% Ether) and a Bitcoin-only vehicle. This latest iteration would trade on NYSE Arca, assuming the SEC doesn’t find the company’s sudden pivot from social media to cryptocurrency curation insufficiently compelling.
Crypto.com’s Foris DAX Trust Company will handle custody duties, while also serving as prime execution agent, staking provider, and liquidity facilitator—a vertical integration that would make any risk management textbook author reach for their red pen. The company has partnered with Crypto.com to facilitate the offering of these crypto ETFs across its planned product suite.
Yorkville America Digital sponsors the ETF, though the actual launch remains contingent on both SEC approval of the registration statement and the exchange filing its Form 19b-4.
The timing proves interesting, given Trump Media’s May 2025 announcement of plans to raise $2.5 billion for Bitcoin purchases—a strategic shift that transforms the Truth Social parent company into something resembling a digital asset conglomerate.
With Bitcoin trading just below $109,000, Ether above $2,600, and the fund’s other holdings showing typical cryptocurrency volatility, the ETF’s performance will likely mirror the broader crypto market’s characteristic price swings. The fund’s market cap would fluctuate rapidly based on the underlying asset prices, with potential changes occurring within minutes due to cryptocurrency’s inherent volatility.
Trump Media shares rose nearly 3% following the announcement, though they remain down more than 40% for 2025—a performance that suggests investors maintain cautious enthusiasm about the company’s crypto ambitions.
The ETF represents part of a broader “digital asset franchise” expansion that includes Truth Social, Truth+, and Truth.Fi platforms. The company emphasizes its mission to provide America First investment vehicles through its new financial services initiatives.
Whether regulators will approve yet another crypto ETF from a media company primarily known for social networking remains the critical question, particularly given the SEC’s historically measured approach to cryptocurrency investment products and the inherent volatility of the underlying assets.
