The firm behind Donald Trump's social media platform Truth Social has filed to withdraw its applications for crypto exchange-traded funds, abandoning plans for both Bitcoin and Bitcoin-Ethereum ETFs.

In its filing, Trump Media & Technology Group stated that “The Company has determined to withdraw the Registration Statement and not to pursue the public offering at this time.”

The firm cited a shift in regulatory strategy for the withdrawal. Steve Neamtz, president of Yorkville America, the sponsor and investment advisor for Truth Social funds, said in a statement that the decision would allow more flexibility.

"Our focus has always been on delivering the right strategies through the right structures," Neamtz claimed, noting that “the '40 Act structure allows us to bring more differentiated investment strategies to our investors that are not possible under the '33 Act framework.”

Competition ramps up

Bloomberg Research Analyst James Seyffart offered a different interpretation in a tweet, pointing to a “more competitive landscape” for spot Bitcoin ETFs following the launch of Morgan Stanley’s MSBT in April, which has already accumulated $266.72 million in total net assets.

Morgan Stanley’s Bitcoin ETF has undercut competitors with a market-leading 0.14% annual expense ratio, versus 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.

Per SoSoValue, the U.S. spot Bitcoin ETF market has attracted $57.4 billion in cumulative inflows since the SEC initially approved the products in January 2024, creating one of the most successful ETF launches on record.

The ETFs are the latest crypto ventures linked to the Trump family, which have included Trump-themed NFT collections, the TRUMP meme coin and the World Liberty Financial DeFi platform.

Trump’s ties to the crypto industry have developed into a political flashpoint, with a partisan report from the House Judiciary Democrats last year accusing the White House of operating “the world’s most corrupt crypto startup operation.” Last week, Democratic Senators attempted to introduce dozens of amendments to the crypto market structure bill, including attempts to limit crypto-related ventures linked to the president and his family.

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