A Tuesday filing showed the social-media firm owned by President Donald Trump seeking to launch the “Crypto Blue Chip” fund, with the paperwork marking its third ETF filing. The fund, should it launch, would hold Bitcoin, Ether, Solana, Cronos and XRP directly, though nearly three-quarters of it would be comprised of Bitcoin, the largest token in the market. Though ETFs holding Bitcoin and Ether already trade in the U.S., no such funds hold Cronos or XRP directly.
Trump Media is the company behind Truth Social and is majority-owned by the president. The president’s deepening crypto ties have drawn criticism from ethics experts, who point to the potential for financial gain in areas where Trump also sets policy. The White House has said the president is walled off from his namesake businesses.
The president had embraced the crypto industry during his presidential run and has made good on a number of promises. The price of Bitcoin has risen during Trump’s second term, with the coin increasing roughly 55% since October to currently trade around $108,900 apiece.
