The Truth Social Bitcoin ETF is no longer in the SEC pipeline. On May 19, 2026, Yorkville America submitted a withdrawal letter that removed three Trump Media-branded crypto fund filings at once: the Truth Social Bitcoin ETF, a Trump-linked Ethereum product, and the Crypto Blue Chip fund.
The letter was signed by Troy Rillo of Yorkville America and cited Rule 477(a) under the Securities Act of 1933. It also stated that no securities had been sold under those registration statements and that the filings had never been declared effective by the Commission.
A legal structure change, not a full shutdown
Yorkville America said publicly that it is moving away from product structures built under the Securities Act of 1933. The firm is now looking at the Investment Company Act of 1940 instead. That matters because the 1940 Act is commonly used for regulated fund products and can allow more room for rules-based and multi-asset designs.
Bloomberg analyst James Seyffart was the first to flag the withdrawal on X. His reading was more blunt than the formal filing language: the Truth Social Bitcoin ETF ran into a market shaped by fee competition, where late entrants face a much steeper climb.
MSBT set a new pricing floor
Seyffart pointed to Morgan Stanley’s MSBT as the clearest pressure point. The fund launched on April 8, 2026 with a 0.14% expense ratio, the lowest fee among U.S. spot crypto funds cited in the report. For comparison, BlackRock’s IBIT charges 0.25%, Fidelity’s FBTC charges 0.25%, and Grayscale’s Mini Trust charges 0.15%.
MSBT also gathered assets quickly. It brought in $30.6 million on day one, passed $103 million in cumulative inflows within six trading sessions, and reached about $240 million in assets after its first full month. The source material said it did not record a single day of net outflows in that stretch.
That is the market Truth Social was trying to enter. By May 2026, the broader spot fund segment had reached $106.6 billion in total assets, with cumulative inflows of $59.3 billion since the category launched in January 2024. The same data set also showed a -$342.73 million daily net flow, a reminder that even the largest products still see volatile sessions.
What may come next
Seyffart said the Trump Media side could return with a fund built under the 1940 Act rather than through a plain spot structure. That would line up with Yorkville America’s own statement. The firm did not say it was abandoning crypto products; it said it was changing the legal format used to build them.
The Truth Social brand remains connected to the broader crypto effort tied to Trump Media and Technology Group, including the Truth.fi financial platform launched in 2025. No refiling date has been announced, and no replacement product has been disclosed. Based on the filing and the public comments cited, this looks like a strategic pause rather than a confirmed exit.