Trump-backed Truth Social scraps three crypto ETF bids

Truth Social crypto ETFs were withdrawn after Yorkville America shifted its product plan from ’33 Act crypto filings toward ’40 Act fund structures.

Summary

• Yorkville withdrew three Truth Social crypto ETF filings after choosing a 1940 Act product structure.
• The withdrawn funds covered Bitcoin, Bitcoin and Ethereum, and a multi-asset crypto blue chip strategy.
• Trump Media’s Bitcoin and Cronos holdings pressured first-quarter earnings after $405.9 million in reported losses.

Yorkville America has pulled planned registration statements tied to several Truth Social crypto ETFs, pausing a watched part of Trump Media & Technology Group’s digital-asset push. The affected products included the Truth Social Bitcoin ETF, Truth Social Bitcoin and Ethereum ETF, and Truth Social Crypto Blue Chip ETF.

The asset manager said it withdrew certain planned ETF strategies registered under the Securities Act of 1933 and will now focus new product development under the Investment Company Act of 1940. Yorkville America President Steve Neamtz said, “Yorkville America is not stepping back – we are stepping forward with a stronger product platform.”

Yorkville shifts toward ’40 Act funds

Yorkville said the ’40 Act route gives it a structure for rules-based funds with broader access, regular disclosure, independent oversight, and possible tax efficiency. The firm said the framework already governs its current Truth Social Funds suite.

The move does not confirm a new crypto ETF under the ’40 Act structure. It instead marks a change in how Yorkville plans to build future products tied to the Truth Social Funds brand. The firm said its current suite includes five NYSE-listed ETFs focused on defense, security, energy, technology, major American companies, and domestic real estate.

ETF demand weakens in 2026

The withdrawal comes as crypto ETF demand has softened compared with earlier inflow periods. Related reporting from crypto.news said U.S. spot Bitcoin ETFs saw $1 billion in net outflows in the week ending May 15, ending a six-week inflow streak worth $3.4 billion.

The same report said Ethereum ETFs posted $255.11 million in outflows during that week. That backdrop matters because new crypto funds now enter a more crowded market, with investors showing less steady demand than during the stronger spring inflow run.

Trump Media’s crypto push faces pressure

The crypto ETF shift also follows weaker reported results at Trump Media. Separate crypto.news coverage said the company posted a $405.9 million first-quarter net loss, with most of the loss tied to non-cash charges from unrealized losses on digital assets, pledged digital assets, and equity securities.

Trump Media has still kept digital assets within its wider business plan. Its annual filing said the Truth.Fi strategy may include exchange-traded products, Bitcoin, similar cryptocurrencies, and crypto-related securities. Earlier coverage also noted that Trump Media had partnered with Crypto.com and Yorkville America Digital to offer ETFs and related investment products under the Truth.Fi brand.

Yorkville’s withdrawal narrows the near-term path for the proposed Truth Social crypto ETFs. The company’s next filings will show whether it returns with different crypto exposure or keeps the Truth Social Funds platform focused on traditional ’40 Act strategies.