Trump Media & Technology Group (TMTG) has withdrawn its SEC registration statements for a series of Truth Social-branded cryptocurrency ETFs, including a proposed Bitcoin fund. The filings, which would have put the Truth Social name on products holding Bitcoin, Ether, and XRP, are officially dead.
The formal withdrawal states the Trust has decided not to pursue the offering at this time. TMTG had filed for three separate digital asset ETFs: a straightforward Bitcoin fund, a multi-asset crypto ETF, and another focused on Ether and XRP. The proposed Bitcoin ETF was structured as a Nevada business trust with a redemption mechanism for institutional investors. Crypto.com was set to provide custody and liquidity services. The proposed management fee was 0.95%, significantly higher than the market leaders.
BlackRock and Fidelity have dominated the spot Bitcoin ETF market with lower fees and substantial net inflows. TMTG's higher fee structure made the Truth Social ETF's value proposition more about brand loyalty than investment merit. The withdrawal was voluntary, avoiding potential rejection or extended review. Regulatory complexities tied to politically prominent figures likely played a role.
For investors, the market already offers numerous lower-cost alternatives. The withdrawal leaves no gap, as the products never launched.