Trump Media withdraws SEC registration for Truth Social bitcoin ETFs

Trump Media & Technology Group has quietly pulled its SEC registration statements for a suite of Truth Social-branded crypto ETFs, including a proposed Bitcoin fund. The filings, which would have put the Truth Social name on products holding Bitcoin, Ether, and XRP, are officially dead.

The formal withdrawal language is about as bland as regulatory filings get: the Trust has decided not to pursue the offering at this time.

What TMTG was trying to build

TMTG had filed registration statements with the SEC for three separate digital asset ETFs under the Truth Social brand. One was a straightforward Bitcoin fund. Another was a multi-asset crypto ETF that would have held a basket of digital assets.

The proposed Bitcoin ETF was structured as a Nevada business trust, primarily holding Bitcoin with a redemption mechanism designed for large institutional investors.

Crypto.com was lined up to provide custody and liquidity services for at least one of the funds.

The proposed management fee was 0.95%, well above what the current market leaders charge.

Why the timing was brutal

BlackRock and Fidelity have built commanding positions in the space, with their respective spot Bitcoin ETFs attracting substantial net inflows since launching. When BlackRock’s iShares Bitcoin Trust charges a fraction of what TMTG was proposing, the value proposition for a Truth Social ETF becomes less about investment merit and more about brand loyalty.

The broader TMTG crypto strategy

The withdrawal was voluntary, meaning TMTG pulled the filings rather than waiting for potential rejection or extended review periods. Regulatory challenges for ETF issuers connected to politically prominent figures add a layer of complexity that pure-play asset managers don’t face.

What this means for investors

For anyone who was genuinely waiting for a Truth Social Bitcoin ETF, the existing market already offers plenty of alternatives at lower fees. The withdrawal doesn’t create any gap in the market because the products never launched in the first place.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.