Trump Media & Technology Group (DJT) saw its stock price surge 5.34% in pre-market trading on Tuesday following the company's announcement of a significant move into the cryptocurrency market. The company revealed that it had filed an initial registration statement with the U.S. Securities and Exchange Commission (SEC) for a new product called the Truth Social Crypto Blue Chip ETF.

According to the filing, the proposed exchange-traded fund (ETF) is set to launch later this year and will directly hold investments in multiple popular cryptocurrencies. The asset allocation is planned to be 70% in Bitcoin, 15% in Ethereum, 8% in Solana, 5% in Cronos, and 2% in Ripple. Trump Media and Technology also announced that crypto.com will serve as the ETF's digital asset custodian and prime execution agent, with shares expected to trade on NYSE Arca upon launch.

Investors appear to be reacting positively to this strategic initiative, viewing it as a potential new revenue stream for the company. The strong pre-market movement suggests that market participants are optimistic about Trump Media's venture into the cryptocurrency ETF space, which could open up new opportunities for both retail and institutional investors seeking exposure to digital assets through a regulated investment vehicle. This move represents a significant step for Trump Media & Technology Group as it expands its footprint in the growing cryptocurrency market.