Yorkville America Equities has withdrawn the registration statements for the Truth Social crypto ETFs from the Securities and Exchange Commission (SEC) on May 19.
The sponsor said it will redirect product development to the Investment Company Act of 1940 framework as it seeks to target more compelling ETF strategies.
Yorkville America Withdraws Truth Social Crypto ETFs
The withdrawn registrations covered the Truth Social Bitcoin ETF, the Truth Social Bitcoin & Ethereum ETF, and the Truth Social Crypto Blue Chip ETF. The ETFs were filed between June and July 2025.
“The Company has determined to withdraw the Registration Statement and not to pursue the public offering at this time. 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,” the filing reads.
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Meanwhile, all three withdrawals were submitted under Rule 477(a). Yorkville also invoked Rule 457(p) to request that paid filing fees be credited toward future submissions.
Yorkville framed the pullback as a shift in regulatory strategy rather than a retreat. Moreover, the firm said the 1940 Act offers stronger investor protections, greater operational flexibility, and broader access to institutional distribution channels.
“Yorkville America is not stepping back – we are stepping forward with a stronger product platform,” Steve Neamtz, President, Yorkville America, said.
Bloomberg Intelligence’s Senior Research Analyst James Seyffart questioned Yorkville’s stated rationale in a post on X.
“But it doesn’t make a ton of sense to me. Of course a 33 act ETP is different from a 40 act ETF and it has less protections. Anyone in this space knows that. Nothing has changed,” he said.
Seyffart pointed to competition rather than regulation as the more likely driver. He flagged Morgan Stanley’s spot Bitcoin ETF, MSBT, which entered the market at a 14-basis-point fee.
“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,” he added.
Yorkville did not release a timeline for relaunching crypto-focused products under the new framework. Thus, for now, Trump Media’s spot Bitcoin and Ethereum ETF ambitions remain on hold pending that pivot.
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