According to Wu Blockchain, Bloomberg ETF analyst James Seyffart stated that Truth Social has withdrawn its Bitcoin ETF application. He believes this move might be related to the increasing competition in the spot Bitcoin ETF market, especially after Morgan Stanley launched the MSBT with a fee rate of just 14 basis points. Seyffart also mentioned that instead of continuing to roll out new spot Bitcoin ETFs, Truth Social might lean towards launching more flexible crypto ETF products under the framework of the Investment Company Act of 1940. https://(wublock123.com)/news/news-61354