Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, July 9th, and today we are talking crypto ETFs.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,

give it a rating, give it a review, or if you want to dive deeper into the conversation,

come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash

breakdown pod. All right, friends, a bunch of stories today around crypto ETFs, plus a little bit of Bitcoin

Treasury.

We start with the Trump Media Group who have filed for their crypto blue chip ETF joining the

wave of crypto index funds.

Bitwise, Greyscale, Franklin Templeton, and Rex shares all have applications to launch

crypto index funds in progress

with the SEC. Last week, it looked like the Grayscale Fund would convert into an ETF after

receiving staff-level SEC approval. However, the regulator hit the breaks at the last moment,

sending the fund to the commissioners for review. Reports stated the review would deal with

listing standards around the altcoins included in the fund. The Grayscale Fund included modest allocations to Solana, Cardano, and XRP, none of which have been approved

for individual spot ETFs. With that lens, the Trump Media Group ETF could be facing even larger hurdles.

Alongside Bitcoin, Ethereum, Solana, and XRP, the fund also includes a 5% allocation to

Kronos, the former Crypto.com Exchange token.

Crow is a top 50 token, but it represents just 0.2% of total crypto market cap.

Now, Crypto.com is sponsoring the product so it's understandable they'd want to include their

own token, but they've included it at a very large weighting, especially compared to an 8%

...