Truth Social’s 3 Crypto ETF Filings Pulled From SEC Review

Yorkville America Equities has withdrawn the SEC registration statements for three Truth Social-branded crypto ETFs—Truth Social Bitcoin ETF, Truth Social Bitcoin & Ethereum ETF, and Truth Social Crypto Blue Chip ETF—effective May 19. The filings, submitted between June and July 2025, were pulled under Rule 477(a), with Yorkville citing a strategic pivot to the Investment Company Act of 1940 framework. The company claims this shift offers stronger investor protections, greater operational flexibility, and broader institutional access, though no securities were sold under the withdrawn filings. The move follows the launch of Morgan Stanley’s spot Bitcoin ETF (MSBT), which entered the market with a 14-basis-point fee. Analyst James Seyffart from Bloomberg Intelligence questioned Yorkville’s stated rationale, suggesting competition rather than regulatory hurdles drove the withdrawal. He noted that a 1940 Act ETF provides fewer protections than a 1933 Act ETP but could allow Yorkville to develop more differentiated crypto strategies. Yorkville invoked Rule 457(p) to request a refund of filing fees, signaling a potential future relaunch under the new framework. However, the company has not provided a timeline for reintroducing crypto-focused products. Trump Media’s ambitions for spot Bitcoin and Ethereum ETFs remain paused pending this regulatory and strategic adjustment. The withdrawal underscores shifting dynamics in the crypto ETF space, where established players like Morgan Stanley are setting fee benchmarks. Yorkville’s pivot may reflect an effort to align with institutional demand for more flexible, compliant investment vehicles rather than competing directly with existing Bitcoin ETFs.