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

MeNews
ME News: On May 20 (UTC+8), Bloomberg ETF analyst James Seyffart disclosed that Trump’s social platform, Truth Social, has withdrawn its spot Bitcoin ETF application.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 said that the rationale given in the official press release “doesn’t seem very reasonable.” He noted that there are already inherent regulatory protection differences between 33 Act ETPs and 40 Act ETFs, which is common knowledge in the crypto ETF market—“there has been no new change.” 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 just 14 basis points, further compressing market space. Seyffart also said that Truth Social still appears to be planning 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)
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