Truth Social Withdraws Bitcoin ETF Application From SEC Amid Strategy Shift

Truth Social, the social media platform operated by Trump Media & Technology Group, has officially withdrawn its applications for cryptocurrency exchange-traded funds (ETFs), including a proposed spot Bitcoin ETF.

Truth Social Pulls Bitcoin and Ethereum ETF Plans

According to filings submitted to the SEC, the company withdrew its Truth Social Bitcoin ETF and Truth Social Bitcoin & Ethereum ETF registration statements. Both applications were originally filed in June 2025.

The filing stated that the company had decided not to continue with the public offering “at this time,” signaling a pause rather than a complete exit from crypto investment products.

Yorkville America Explains ETF Strategy Change

Truth Social’s investment adviser, Yorkville America, described the withdrawal as a strategic decision. Company president Steve Neamtz said the firm now plans to explore a structure under the Investment Company Act of 1940 (‘40 Act) instead of the Securities Act of 1933 (‘33 Act).

The company argued that the ‘40 Act framework offers stronger investor protections, greater transparency, tax efficiency and broader accessibility compared with the traditional structure used for many spot ETFs.

Growing Competition in the Bitcoin ETF Market

The decision also comes as competition in the Bitcoin ETF market intensifies. Analysts pointed to the launch of Morgan Stanley’s MSBT ETF, which introduced one of the lowest fee structures in the sector and reportedly attracted over $230 million in inflows shortly after launch.

Bloomberg Research Analyst James Seyffart said;

Since spot Bitcoin ETFs gained approval in the United States in January 2024, the sector has recorded more than $57.7 billion in cumulative inflows, making it one of the strongest ETF categories in recent years.