Trump Media Pulls Bitcoin ETF Filing as Fee War Deepens

Trump Media & Technology Group withdrew regulatory filings for proposed Truth Social-branded crypto ETFs on May 19, stepping back from Bitcoin-linked fund plans before any shares were sold to the public.

The withdrawal covered proposed crypto ETF products tied to the Truth Social brand, including Bitcoin and Bitcoin-Ethereum exposure. Filing summaries said the registration statements had not become effective and no securities were sold under them.

The document said the company had determined not to pursue the public offering at this time and requested that the SEC credit registration fees for possible future use.

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Truth Social Filings Pulled Back

Trump Media had announced in June 2025 that it filed a registration statement for the Truth Social Bitcoin and Ethereum ETF. At the time, the company said the launch depended on SEC effectiveness of the registration statement and approval of a related exchange rule filing.

Yorkville America was tied to the fund effort as sponsor or investment adviser. Yorkville-related commentary framed the withdrawal as a shift away from 1933 Act registration statements toward products under the Investment Company Act of 1940, a framework it said could provide more flexibility.

That leaves the move as a pause rather than a confirmed permanent exit. The registration-fee request means Trump Media or its partners could still file different products later if they choose another structure.

Analysts focused on the economics of launching a plain spot Bitcoin ETF in 2026. The US market already has more than a dozen spot Bitcoin products, including funds from large asset managers with established liquidity, custody relationships and aggressive fee schedules.

Fee pressure is as low as 14 basis points in the spot Bitcoin ETF market. That makes differentiation difficult for a new entrant unless it can offer lower pricing, better liquidity or a structure that existing funds do not provide.

For a Truth Social-branded Bitcoin ETF, the brand may not have been enough. 

Trump Media shares traded around US$8.06 (AU$11.20) at press time, in the latest quote, giving the company a market capitalisation of about US$2.23 billion (AU$3.10 billion).

Read more: Forsage Co-Founder Extradited to US Over Alleged US$340M Crypto Ponzi Scheme 

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