Trump-Owned Truth Social Withdraws Bitcoin ETF Application

2026.05.20 18:20:22

WASHINGTON, May 20 (Reuters) – Trump Media & Technology Group (TMTG) has officially withdrawn two S-1 registration statements for a Bitcoin exchange-traded fund (ETF) and a combined Bitcoin-Ethereum ETF from the U.S. Securities and Exchange Commission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.

Add to Favorites Download image Share x Copy link

Relevant content

Following the release of CPI data, investors have scaled back their bets on a September interest rate hike.

Following the release of CPI data, investors have scaled back their bets on a September interest rate hike. Market pricing indicates a 45% probability that the Federal Reserve will raise rates in September.

1 seconds ago

Standard Chartered's subsidiary Anchorpoint has officially launched the first phase of the Hong Kong dollar stablecoin HKDAP.

Standard Chartered’s subsidiary Anchorpoint officially launched the first phase of its Hong Kong dollar stablecoin HKDAP on Wednesday, opening test access to institutional distributors and professional investors. Anchorpoint, a joint venture formed by Standard Chartered, HKT, and Animoca Brands, secured a stablecoin issuance license from the Hong Kong Monetary Authority (HKMA) in April this year, making it one of the first institutions to obtain such approval.

1 seconds ago

US July unadjusted annual CPI rate comes in at 3.4%, in line with expectations.

US July unadjusted CPI rose 3.4% year-over-year, matching the 3.4% forecast and down from the prior 3.50%. Separately, US July unadjusted core CPI came in at 2.5% year-over-year, in line with the 2.50% expectation and lower than the prior 2.60%. US July seasonally adjusted core CPI posted a 0.2% month-over-month increase, meeting the 0.20% forecast, unchanged from the prior 0.00%.

1 seconds ago

Following the release of CPI data, spot gold plunged $50 in a short period.

According to Bitget's market data, spot gold has plunged 50 USD in the short term, now quoted at 4399 USD per ounce.

1 seconds ago

Alameda Research transferred $8.25 million worth of SOL to BitGo’s custodial wallet, reportedly for FTX creditor compensation.

According to Arkham’s monitoring, addresses linked to Alameda Research transferred a total of $8.25 million worth of SOL to BitGo’s custodial wallet via 24 transactions, with the transfers speculated to be used for compensating FTX creditors. Arkham data shows Alameda still holds over $200 million worth of SOL currently.

1 seconds ago

New York City Council Investigates Four Major Prediction Market Platforms Including Polymarket, Focusing on Risks Related to Advertising and Forced Betting

The New York City Council is investigating the advertising practices of prediction market platforms Polymarket, Kalshi, Coinbase, and Titan, a prediction market platform under Gemini, as the prediction market industry faces new regulatory pressure. New York City Council Speaker Julie Menin has sent letters of inquiry to the four platforms as part of the legislative investigation, to assess whether existing city laws sufficiently protect residents from false or deceptive marketing. Additionally, the council is reviewing relevant policies to address issues such as prediction market products possibly inducing users to engage in "forced speculation" on event contracts. In its letter to Polymarket, the council noted that the investigation not only covers allegations against the platform but will also evaluate the prevalence of similar marketing practices across the entire prediction market industry and their potential social harms.

1 seconds ago

Hot feeds

A trader profits $448K by monitoring #Binance's new listings!

2024.12.13 17:37:29

Last week, funds have flowed into #Bitcoin, #Ethereum, and #Hyperliquid.

2024.12.16 14:48:36

A $PEPE whale that had been dormant for 600 days transferred all 2.1T $PEPE($52M) to a new address.

2024.12.14 10:35:27

When Elon Musk tweeted about Moltbook, the meme coin MOLT experienced a short-term 30% price surge, hitting a new all-time high of $114 million.

2026.01.31 18:37:29

A smart #AI coin trader made $17.6M on $GOAT, $ai16z, $Fartcoin,$arc.