Overview
- Trump Media filed formal withdrawals with the SEC on May 19–20, 2026 for three Truth Social-branded registration statements and said the S-1s were not declared effective and no securities were sold.
- The withdrawn offerings covered a Truth Social Bitcoin ETF, a Bitcoin & Ethereum ETF, and a Truth Social Crypto Blue Chip ETF that had named Crypto.com as a custody partner in earlier materials.
- Yorkville America, the sponsor and adviser, framed the move as a strategic pivot to the ’40 Act, saying that structure allows different governance, disclosure and investment approaches than the original ’33 Act filings.
- Market watchers pointed to fee pressure and weak flows as commercial drivers, citing May 18’s reported $648.6 million one-day net outflow from U.S. spot Bitcoin ETFs and the recent launch of low-fee entrants such as Morgan Stanley’s 14-basis-point product.
- Trump Media requested that SEC fees paid on the pulled filings be credited for future use and has not set a public timetable to refile, leaving open the possibility of retooled products while raising questions about the firm’s readiness and recent financial losses.