The firm behind Donald Trump's social media platform Truth Social has withdrawn its applications for Bitcoin and Bitcoin-Ethereum ETFs, citing a shift in regulatory strategy. Trump Media & Technology Group filed to withdraw its Form S-1 registrations, stating it "has determined to withdraw the Registration Statement and not to pursue the public offering at this time."

Yorkville America, the sponsor and investment advisor for Truth Social funds, said the move allows more flexibility under the '40 Act, which enables "more differentiated investment strategies" compared to the '33 Act framework. However, Bloomberg Research Analyst **James Seyffart** offered a different interpretation, pointing to a **"more competitive landscape"** for spot Bitcoin ETFs following the launch of Morgan Stanley's MSBT in April.

**Morgan Stanley's Bitcoin ETF** has undercut competitors with a **market-leading 0.14% annual expense ratio**, 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. The U.S. spot Bitcoin ETF market has attracted **$57.4 billion in cumulative inflows** since SEC approval in January 2024.

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 crypto have become a political flashpoint, with House Judiciary Democrats accusing the White House of operating "the world's most corrupt crypto startup operation."

Trump Media & Technology Group has withdrawn its Form S-1 registrations for Bitcoin and Bitcoin-Ethereum ETFs.

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