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Truth social withdraws bitcoin etf filing amid fee pressure
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Trump Media & Technology Group has withdrawn its plans for Truth Social-branded spot bitcoin and bitcoin-and-ether ETFs. The move came after the firm pulled its registration statements with the U.S. Securities and Exchange Commission on May 19.
Trump Media is exploring a spinoff of its Truth Social platform into a separate public company, building on its recent cryptocurrency ETF filings and the surge in Bitcoin and crypto exchange-traded funds.
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Truth Social Funds, part of Trump Media and Technology Group, has filed with the U.S. Securities and Exchange Commission for two new cryptocurrency exchange-traded funds. One ETF will track Bitcoin and Ethereum, while the other focuses on CRO, the native token of Cronos. The filings continue President Trump's company's push into the crypto sector.