Trump-Linked Truth Social Withdraws Spot Bitcoin ETF Filing
Suehyeon Lee
Summary
- Truth Social has withdrawn its application for a spot Bitcoin ETF.
- Seyffart said intensifying competition in the spot Bitcoin ETF market may have contributed to the withdrawal.
- He added that Truth Social could shift toward a crypto ETF product based on the Investment Company Act of 1940.
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Truth Social, the social media platform linked to US President Donald Trump, has withdrawn its filing for a spot Bitcoin exchange-traded fund.
Bloomberg ETF analyst James Seyffart wrote on X on May 19 that Truth Social had pulled the application.
Seyffart said intensifying competition in the spot Bitcoin ETF market may have been a factor. He specifically cited Morgan Stanley's MSBT, which entered the market with a low fee of about 0.14%.
He added that Truth Social could instead shift toward a crypto ETF product structured under the Investment Company Act of 1940, which offers greater flexibility.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
