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🟡Truth Social unexpectedly withdraws Bitcoin ETF application
📌According to the filing sent to the SEC on May 19, Trump Media requests to withdraw the S-1 registration for two products: Truth Social Bitcoin ETF and Truth Social Bitcoin & Ethereum ETF. These filings were previously submitted in June 2025, and the company says they are not currently pursuing a public offering.
📌The reason given by Yorkville America is to switch to an ETF structure under the Investment Company Act of 1940, instead of the Securities Act of 1933 model like the old filings. Basically, they want to redesign the product to make it easier to sell to traditional investors.
📌Spot Bitcoin ETFs in the US have attracted over $57.7 billion in net inflows since approval in January 2024, but this market is quickly becoming saturated. As the product becomes mainstream, newcomers must compete with giants like BlackRock, Fidelity, Morgan Stanley — who have extensive distribution networks and lower operating costs.
📌The pressure is even clearer after Morgan Stanley launched the MSBT Bitcoin ETF with a fee of only 0.14%, the lowest in the group currently, attracting over $230M in the first month. Truth Social does not want to participate in such a highly competitive battle.