Trump-Owned Truth Social Withdraws Bitcoin ETF Application

BlockBeats News, May 20th - The Trump Media & Technology Group has officially withdrawn two S-1 registration statements for a Bitcoin ETF and a Bitcoin-Ethereum Combination ETF submitted to the U.S. Securities and Exchange Commission (SEC).

The company filed for withdrawal on May 19th Eastern Time. According to regulatory filings obtained by Decrypt, Trump Media stated that the decision to withdraw was based on an assessment of the current market competitive landscape and an adjustment of the company's strategic priorities. The company did not specify whether it would refile in the future.

Trump Media first submitted the applications for these two ETFs in March this year, planning to issue them through TMTG's Truth Social brand. If approved, the products were originally intended to be custodied by Custodia Bank.

Bloomberg Intelligence ETF analyst James Seyffart expressed surprise at the decision on social media, believing that the reasons for withdrawal were not sufficient. He speculated that this move may be related to the intense competition in the current physically-backed Bitcoin ETF market rather than regulatory obstacles. Since January this year, over ten physically-backed Bitcoin ETFs have been approved for listing, including products issued by traditional asset management giants such as BlackRock and Fidelity, making the market competition highly saturated.

As of now, the Trump Media and Truth Social have not made any further comments on the withdrawal.