If given the green light, the trust’s holdings will “primarily be composed of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cronos (CRO)” — the Cronos blockchain’s native cryptocurrency, closely linked with the Crypto.com ecosystem — as per the preliminary prospectus. The initial distribution is anticipated to mirror value percentages of 70% BTC, 15% ETH, 8% SOL, 5% CRO, and 2% XRP, notes the submission.

Previously, Truth Social submitted applications for a standalone Bitcoin ETF in June, swiftly followed by an application for a combined Bitcoin and Ethereum ETF.

Just like the previous submissions, the “Truth Social Crypto Blue Chip ETF” is backed by Yorkville America Digital, with Foris DAX Trust Company acting as the custodian for the digital assets, as per the submission. The ETF shares are expected to be listed on the New York Stock Exchange Arca.

Earlier this year, Trump Media entered a binding contract with Crypto.com and asset management firm Yorkville America Digital for the launch of a series of ETFs. These are projected to include a range of digital assets and securities with a “Made in America” theme. In March, a controversial proposal to reissue 70 billion CRO ($6.9 billion) that was previously burned in 2021 was approved by Cronos, in line with Crypto.com’s plans for an ETF application.

Several other asset managers, including Bitwise, Grayscale, Franklin Templeton, and REX Shares, are also seeking the SEC’s approval for a number of spot crypto ETFs, featuring products focused on XRP, Solana, Dogecoin, Cardano, Avalanche, Hedera, Litecoin, and Polkadot. This surge comes in the wake of a new era for the organization under the pro-crypto Trump administration, with hopes of a more receptive stance than the previous Biden administration.

Disclaimer: The Block is an independent news outlet providing news, research, and data. Foresight Ventures, a major investor in other crypto companies, is a majority investor of The Block as of November 2023. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to produce objective, impactful, and timely crypto industry information independently. This article is for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.

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In today’s digest, U.S. Bitcoin ETFs marked their biggest daily net inflows in six weeks, Solana pulled a contentious ad in the wake of community outrage, Cronos is prepared to reissue 70 billion previously burned CRO tokens, and more. Furthermore, the GLIF protocol unveiled its governance token by distributing 94 million GLF in an airdrop, aiming to extend beyond Filecoin.

U.S. Bitcoin ETFs reported net inflows of $274.6 million on Monday, marking the highest daily figure in six weeks. This followed five successive weeks of net outflows, which stripped over $5 billion from Bitcoin ETFs, reducing their cumulative all-time net inflows to $35.9 billion.

Rachael Lucas, a crypto analyst at BTC Markets, linked this shift to increased confidence resulting from Bitcoin’s price stability and renewed institutional interest. She also pointed out that quarter-end institutional portfolio rebalancing and rising demand for lower-fee ETFs played a part in the positive flows.

Solana has withdrawn a promotional video for its forthcoming Accelerate conference following a backlash from the crypto community. The video, which is still being circulated, was criticized for appearing to make light of gender issues and was seen by some as anti-queer.

A governance proposal by Cronos, a Layer 1 blockchain from crypto exchange Crypto.com, to reissue 70 billion previously burned CRO tokens was approved, returning the total supply to its original cap of 100 billion. However, several large Crypto.com-affiliated validators appeared to have tipped the vote in favor of approval, leading to accusations of centralization and manipulation.

Web3 workflow protocol developer Halliday has secured $20 million in a Series A round led by a16z crypto. With the new funding, Halliday plans to grow its team and continue developing its workflow protocol and Halliday Payments application.

Analysts at Bernstein contend that the current crypto market cycle is still in its early stages and has further to go, given a more crypto-friendly U.S. regulatory environment. They predict Bitcoin to reach a cycle peak of $200,000 by the end of 2025.

The post Bitcoin ETFs See Record Inflows in Over a Month, Solana Pulls Ad Following Backlash, and More Crypto Updates appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Cronos, affiliated with the crypto exchange Crypto.com, had previously proposed to reinstate 70 billion CRO tokens that were burned in 2021, with the aim to revert to its initial 100 billion token supply as a “Strategic Reserve.” This alleged $5 billion scheme (based on the current $0.08 CRO prices) was designed to enhance U.S. crypto prevalence, foster ecosystem expansion, and initiate a CRO ETF. The community reacted strongly against this when the vote commenced, with 86% opposing it in the initial days.

However, crypto governance is infamous for being community-led in name only, with major token holders having the power to control any proposals and modifications as they please — even if the vote is, theoretically, carried out transparently by the “community.”

The proposal, active from March 2-16 and throughout its voting period, barely approached the 33.4% quorum required to pass. Then, on Monday at 14:00 UTC, a sudden casting of 3.35 billion CRO votes changed the game, achieving quorum and cementing the resolution. Final tally: 61.18% in favor, 17.61% against, 20.11% abstained, and 0.11% vetoed.

Two influencer network validators, Starship and Falcon Heavy, supported the initiative as of March 10, overshadowed by 77.97% opposing it and 8.47% abstaining at that time. On Monday, Electron, Antares, and Minotaur IV joined the fray — using a combined 3.2 billion CRO in voting power to endorse the proposal.

Immediately following the vote’s conclusion, the Cronos network underwent an upgrade which was completed on March 18 at 03:00 UTC, paving the way for a more than 200% surge in supply in the upcoming years. The market has reacted accordingly, with CRO falling 8.5% in the past 24 hours in an otherwise stable market.

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