Trump Media-linked Truth Social Bitcoin ETF, B.T. has asked the US Securities and Exchange Commission to withdraw its spot Bitcoin ETF registration, ending, at least for now, one of the more politically visible attempts to enter the already crowded US Bitcoin fund market.
“The Company has determined to withdraw the Registration Statement and not to pursue the public offering at this time,” the filing stated. “The Registration Statement has not been declared effective by the Commission and the Company confirms that no securities have been sold pursuant to the Registration Statement. Therefore, withdrawal of the Registration Statement is consistent with the public interest and the protection of investors as contemplated by Rule 477(a).”
The ETF’s S-1 described Truth Social Bitcoin ETF, B.T. as a Nevada business trust whose assets would consist primarily of Bitcoin held by a custodian. Yorkville America Digital, LLC was named as sponsor, while Foris DAX Trust Company, LLC, a Crypto.com affiliate, was listed as Bitcoin custodian in the initial registration statement. The trust was not registered under the Investment Company Act of 1940 and was structured as a Securities Act of 1933 product, the same broad framework used by spot Bitcoin ETPs rather than traditional ’40 Act ETFs.
Trump Media later amended the filing in August 2025, saying Crypto.com would act as the ETF’s exclusive Bitcoin custodian, prime execution agent and liquidity provider. The company said at the time that the launch remained subject to both effectiveness of the S-1 and SEC approval of the related 19b-4 filing, with shares expected to list on NYSE Arca if approved.
Why Was The Bitcoin ETF Withdrawn?Yorkville America framed the withdrawal as a strategic pivot rather than a retreat from ETFs. In a May 19 press release, the firm said it had “proactively withdrawn its registration statements filed under the Securities Act of 1933” for certain planned ETF strategies and would instead focus product development under the ’40 Act framework.
“After careful evaluation, the ’40 Act structure allows us to bring more differentiated investment strategies to our investors that are not possible under the ’33 Act framework,” Yorkville America President Steve Neamtz said. “Our focus has always been on delivering the right strategies through the right structures. This is a forward-looking decision that reflects our commitment to delivering the best possible investment products to our growing base of America First investors. Yorkville America is not stepping back – we are stepping forward with a stronger product platform.”
He added: “They do seem to planning to launch more flexible crypto related ETF strategies in the 40 act wrapper which makes sense. I mean do we really need a 14th spot bitcoin ETF? But something that can be more differentiated makes sense.”
At press time, BTC traded at $77,274.
