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Truth Social Withdraws Bitcoin ETF Application, Analyst Suggests Competition Too Fierce

2026.05.20 07:57:59

May 20th, Bloomberg ETF analyst James Seyffart revealed that Donald Trump’s social media platform Truth Social has withdrawn its spot Bitcoin ETF application. The official press release from Truth Social cited a justification that Seyffart called "not very convincing." He noted that the regulatory distinction between a 33 Act ETP and a 40 Act ETF—specifically regarding investor protection levels—is widely understood in the crypto ETF market, and there have been "no new developments" to prompt the withdrawal. Seyffart’s more probable take points to the hyper-competitive spot Bitcoin ETF landscape: particularly after Morgan Stanley launched its MSBT ETF with a low 14 basis point fee, which has further compressed available market space. He also added that Truth Social still plans to launch a more flexible crypto-focused ETF strategy under a 40 Act fund structure. Seyffart questioned, "Does the market really need a 14th spot Bitcoin ETF? But more differentiated crypto products do still make sense."
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