Truth Social withdraws Bitcoin ETF application, analysts say it may be due to intense competition

By: rootdata|2026/05/20 08:43:44

Bloomberg ETF analyst James Seyffart revealed that Truth Social, the social platform under Trump, has withdrawn its application for a spot Bitcoin ETF. Seyffart stated that the reasoning given in the official press release "is not very reasonable." He pointed out that there are inherent differences in regulatory protections between 33 Act ETPs and 40 Act ETFs, which is common knowledge in the crypto ETF market, and that "there are no new changes." He believes that a more likely reason is that competition in the spot Bitcoin ETF market has become extremely fierce, especially after Morgan Stanley launched its MSBT with a fee of only 14 basis points, further compressing market space.

Seyffart also mentioned that Truth Social seems to still plan to launch a more flexible crypto-related ETF strategy and adopt a 40 Act fund structure. He said, "Does the market really need a 14th spot Bitcoin ETF? But more differentiated products still make sense."

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