Truth Social Operator Withdraws Crypto ETF Applications Amid Regulatory Shift – News and Statistics – IndexBox
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The company operating Donald Trump’s Truth Social platform has submitted paperwork to withdraw its applications for cryptocurrency exchange-traded funds, abandoning plans for both a Bitcoin ETF and a combined Bitcoin-Ethereum ETF.
According to the filing from Trump Media & Technology Group, the firm stated it has decided to pull the registration statement and will not pursue a public offering at this time. The company attributed the decision to a change in regulatory approach. Steve Neamtz, president of Yorkville America—the sponsor and investment advisor for the Truth Social funds—said in a statement that the move would provide more flexibility. Neamtz added that the company’s focus has always been on delivering appropriate strategies through suitable structures, and that the 40 Act framework enables more differentiated investment strategies than are possible under the 33 Act framework.
Bloomberg Research Analyst James Seyffart offered a different view in a social media post, pointing to a more competitive landscape for spot Bitcoin ETFs following the launch of Morgan Stanley’s Bitcoin ETF in April, which has already gathered $266.72 million in total net assets. Morgan Stanley’s product has undercut rivals with a market-leading annual expense ratio of 0.14%, compared to Grayscale‘s Bitcoin Mini Trust at 15 basis points and both BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund at 25 basis points.
According to data provider SoSoValue, the U.S. spot Bitcoin ETF market has attracted $57.4 billion in cumulative inflows since the Securities and Exchange Commission first approved those products in January 2024, making it one of the most successful ETF launches on record.
These ETFs represent the latest crypto-related ventures tied to the Trump family, following Trump-themed NFT collections, the TRUMP meme coin, and the World Liberty Financial DeFi platform. Trump’s connections to the crypto industry have become a political flashpoint. Last year, a partisan report from House Judiciary Democrats accused the White House of operating what they called the world’s most corrupt crypto startup operation. Last week, Democratic Senators attempted to introduce dozens of amendments to a crypto market structure bill, including measures aimed at limiting crypto-related ventures linked to the president and his family.
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