Trump Media-linked Truth Social Bitcoin ETF, B.T. has asked the US Securities and Exchange Commission to withdraw its spot Bitcoin ETF registration, ending, at least for now, one of the more politically visible attempts to enter the already crowded US Bitcoin fund market.
The withdrawal request, dated May 19, 2026, was addressed to the SEC’s Division of Corporation Finance and its Office of Crypto Assets. In the filing, the company requested “the immediate withdrawal” of its Form S-1 registration statement, which had originally been filed on June 5, 2025, under File No. 333-287789. The company said the registration statement had not been declared effective and confirmed that “no securities have been sold” under it.
“The Company has determined to withdraw the Registration Statement and not to pursue the public offering at this time,” the filing stated. “The Registration Statement has not been declared effective by the Commission and the Company confirms that no securities have been sold pursuant to the Registration Statement. Therefore, withdrawal of the Registration Statement is consistent with the public interest and the protection of investors as contemplated by Rule 477(a).”
The filing closes a nearly year-long regulatory process that began shortly after NYSE Arca submitted a Form 19b-4 to list the Truth Social Bitcoin ETF on June 3, 2025. That exchange filing described the proposed product as a vehicle designed to reflect Bitcoin’s performance while reducing the “complexities and operational burdens” of direct BTC ownership. Reuters reported at the time that US President Donald Trump was the majority owner of Trump Media & Technology Group, which operates Truth Social.
The ETF’s S-1 described Truth Social Bitcoin ETF, B.T. as a Nevada business trust whose assets would consist primarily of Bitcoin held by a custodian. Yorkville America Digital, LLC was named as sponsor, while Foris DAX Trust Company, LLC, a Crypto.com affiliate, was listed as Bitcoin custodian in the initial registration statement. The trust was not registered under the Investment Company Act of 1940 and was structured as a Securities Act of 1933 product, the same broad framework used by spot Bitcoin ETPs rather than traditional ’40 Act ETFs.
Trump Media later amended the filing in August 2025, saying Crypto.com would act as the ETF’s exclusive Bitcoin custodian, prime execution agent and liquidity provider. The company said at the time that the launch remained subject to both effectiveness of the S-1 and SEC approval of the related 19b-4 filing, with shares expected to list on NYSE Arca if approved.
Why Was The Bitcoin ETF Withdrawn?
Yorkville America framed the withdrawal as a strategic pivot rather than a retreat from ETFs. In a May 19 press release, the firm said it had “proactively withdrawn its registration statements filed under the Securities Act of 1933” for certain planned ETF strategies and would instead focus product development under the ’40 Act framework.
“After careful evaluation, the ’40 Act structure allows us to bring more differentiated investment strategies to our investors that are not possible under the ’33 Act framework,” Yorkville America President Steve Neamtz said. “Our focus has always been on delivering the right strategies through the right structures. This is a forward-looking decision that reflects our commitment to delivering the best possible investment products to our growing base of America First investors. Yorkville America is not stepping back – we are stepping forward with a stronger product platform.”
Bloomberg ETF analyst James Seyffart was unconvinced by that explanation. Sharing a screenshot of the withdrawal on X, he wrote that the reasoning “doesn’t make a ton of sense,” noting that the difference between a ’33 Act exchange-traded product and a ’40 Act ETF was already well understood in the market. Seyffart said he suspected the decision had more to do with the “competitive landscape for spot bitcoin ETFs,” especially with Morgan Stanley’s MSBT entering at 14 basis points.
He added: “They do seem to planning to launch more flexible crypto related ETF strategies in the 40 act wrapper which makes sense. I mean do we really need a 14th spot bitcoin ETF? But something that can be more differentiated makes sense.”
Bloomberg ETF analyst Eric Balchunas agreed via X: “My guess: Yorkville guy told Truth ppl after MSBT that they either gotta come in below 14bp fee or you might as well forget it, bc no one will buy it, and it could be embarrassing. They aren’t used to Terrordome life so prob said “no way are we charging so little”
Could be wrong but that’s my theory for now.”
That fee pressure is material. Morgan Stanley’s proposed spot Bitcoin fund was priced at 14 basis points, below products charging closer to 15 to 25 basis points, including BlackRock’s iShares Bitcoin Trust at 25 basis points.
At press time, BTC traded at $77,274.
Featured image created with DALL.E, chart from TradingView.com
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