Trump-Owned Truth Social Withdraws Bitcoin ETF Application

WASHINGTON, May 20 (Reuters) – Trump Media & Technology Group (TMTG) has officially withdrawn two S-1 registration statements for a Bitcoin exchange-traded fund (ETF) and a combined Bitcoin-Ethereum ETF from the U.S. Securities and Exchange Commission (SEC), regulatory documents obtained by Decrypt show. The withdrawal was filed on May 19 Eastern Time. In the filings, TMTG cited an evaluation of the current market competitive landscape and adjustments to the company’s strategic priorities as the basis for the move, though the firm did not specify whether it will refile the applications in the future. TMTG originally submitted the two ETF proposals in March, with plans to launch the products under its Truth Social brand. If approved, the ETFs were set to be custodied by Custodia Bank, per the initial filings. James Seyffart, an ETF analyst at Bloomberg Intelligence, expressed surprise at the decision in a social media post, noting the stated reasons lack sufficient clarity. He speculated the withdrawal stems from fierce competition in the currently oversaturated physically-backed Bitcoin ETF market rather than regulatory hurdles. Since January this year, more than a dozen physically-backed Bitcoin ETFs have received regulatory approval for listing, including offerings from major traditional asset managers such as BlackRock and Fidelity. As of press time, neither Trump Media nor Truth Social has provided additional comment on the withdrawal.