Yorkville America Equities pulled the plug on three Truth Social-branded crypto ETF registrations with the SEC on May 19, 2026. The withdrawn products — the Truth Social Bitcoin ETF, Truth Social Bitcoin & Ethereum ETF, and Truth Social Crypto Blue Chip ETF — had been sitting in regulatory limbo since mid-2025. The decision effectively stalls Trump Media & Technology Group's ambitions for a spot crypto fund lineup, at least for now.
The withdrawn filings
All three ETFs were filed between June and July 2025. Yorkville submitted the withdrawals under Rule 477(a), a standard SEC procedure for pulling registration statements before they become effective. The firm also invoked Rule 457(p) to request that the paid filing fees be credited toward future submissions — a signal that it may revisit the space down the road.
Why Yorkville pulled them
Yorkville said it plans to redirect product development to the Investment Company Act of 1940 framework. The firm cited stronger investor protections, operational flexibility, and broader institutional distribution as reasons. That's a shift from the typical 1933 Act structure used for these filings. But not everyone is buying the official explanation.
Analyst skepticism
Bloomberg Intelligence analyst James Seyffart questioned Yorkville's stated rationale. He suggested the real driver might be competition from Morgan Stanley's spot Bitcoin ETF, which trades under the ticker MSBT and charges a 14-basis-point fee. When a Wall Street giant offers a cheaper product, niche entrants like the Truth Social funds face an uphill battle attracting assets.
Yorkville gave no timeline for relaunching crypto-focused products under the new 1940 Act framework. That leaves Trump Media's spot Bitcoin and Ethereum ETF ambitions on hold indefinitely. Whether the funds ever reappear — and under what fee structure — remains an open question the market is still waiting to hear answered.
