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Truth Social withdraws Bitcoin ETF application, analysts say possibly due to intense competition

MeNews
ME News Report, May 20 (UTC+8), Bloomberg ETF analyst James Seyffart disclosed that Trump’s social platform Truth Social has withdrawn its spot Bitcoin ETF application. Seyffart stated that the reasons given in the official press release "are not very convincing." He pointed out that there is an inherent regulatory protection difference between 33 Act ETPs and 40 Act ETFs, which is common knowledge in the crypto ETF market, "there are no new developments." He believes the more likely reason is that the market for spot Bitcoin ETFs has become extremely competitive, especially after Morgan Stanley launched the MSBT with a fee of only 14 basis points, further squeezing market space. Seyffart also mentioned that Truth Social seems to still plan to launch more flexible crypto-related ETF strategies using a 40 Act fund structure. He said, "Does the market really need the 14th spot Bitcoin ETF? But more differentiated products still make sense." (Source: BlockBeats)
BTC-2.67%
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