Trump Media & Technology Group's Truth Social has filed to withdraw its applications for spot bitcoin and bitcoin-ethereum ETFs, The Block reports, citing SEC filings submitted Monday. The withdrawal covers Form S-1 registration statements originally filed in June 2025. Yorkville America, the funds' sponsor and advisor, said the move is strategic, with President Steve Neamtz stating the Investment Company Act of 1940 framework allows "more differentiated investment strategies" not available under the Securities Act of 1933.

Bloomberg analyst James Seyffart suggested the retreat is driven by intense competition in the spot bitcoin ETF market, particularly after Morgan Stanley's MSBT launched at 14 basis points and attracted over $230 million in inflows. U.S. spot bitcoin ETFs have amassed more than $57.7 billion in cumulative inflows since their landmark approval in January 2024. 

Truth Social's ETF applications had faced SEC delays, and an approved fund would have added to President Trump's growing crypto-related ventures including memecoins and World Liberty Financial.