Trump‑linked Truth Social has shelved its first spot Bitcoin ETF plan, pulling the application before regulators could rule on it. The move pauses Donald Trump’s media company’s push to join an already crowded U.S. market for Bitcoin funds that hold the asset directly.
Truth Social Halts Bitcoin ETF Plans
Trump Media & Technology Group, the owner of Truth Social, filed a request with the U.S. Securities and Exchange Commission on May 19 to withdraw its spot Bitcoin ETF registration. The product, dubbed the Truth Social Bitcoin ETF, operated as a Nevada business trust that would hold Bitcoin in custody and issue shares pegged to its value. In its withdrawal notice, the business stated it had “decided to withdraw the Registration Statement and not to proceed with the public offering at this time.”
The filing also stated that the SEC had not yet declared the registration effective and that the company had not sold any securities under the plan. By stepping back now, Truth Social ends the review process without forcing the SEC to issue a formal approval or rejection. That choice leaves the door open to refile later, but it also resets the regulatory clock if the company tries again.
Multiple Crypto ETFs Pulled at Once
The Bitcoin fund was not the only product pulled. Trump Media also withdrew filings for a Truth Social Bitcoin & Ethereum ETF and a Truth Social Crypto Blue Chip ETF that would have tracked a basket of large‑cap tokens. Yorkville America, the sponsor for the lineup, submitted the withdrawal requests, just months after Truth Social pitched the funds as its entry into the growing crypto ETF space, including earlier moves to register Bitcoin and Ethereum ETFs in Nevada.
The retreat comes amid erratic flows for spot Bitcoin ETFs. U.S. spot Bitcoin funds saw net outflows of nearly $648.6 million in one day on May 18, reflecting trader concern amid significant price movements. Analysts say every new entry now has to compete with heavyweights like as BlackRock and Fidelity on fees, liquidity and marketing, making it difficult for smaller or specialized issuers to gain momentum.
Bloomberg ETF analyst James Seyffart said Truth Social’s move removes one politically charged product from the SEC’s docket, at least for now. He added that the decision likely reflects both market uncertainty and the difficulty of finding space in a market already full of established spot Bitcoin ETFs.
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