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Yorkville Pulls Truth Social BTC and ETH ETF Filings
The withdrawal leaves Trump Media without a clear path to a branded crypto ETF as Yorkville shifts to a different regulatory framework. No refiling timeline is set.
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The effort to launch Truth Social-branded cryptocurrency exchange-traded funds ended this week when Yorkville America Digital, LLC formally requested withdrawal of its SEC registration. The filing covered a spot Bitcoin ETF and a combined Bitcoin-Ethereum ETF tied to Trump Media & Technology Group, the parent company of Truth Social. Yorkville told the SEC the move reflects a broader restructuring of its ETF plans and a shift toward a different regulatory framework.
Yorkville's Regulatory Pivot Ends Truth Social ETF Bid
The SEC applications were the most visible sign that Trump Media intended to enter the crypto ETF space. With the filings withdrawn, that path is closed. Yorkville did not specify which regulatory framework it now plans to use. The language points to a deliberate move away from the SEC-registered product structure, not a temporary pause.
For Yorkville, the decision likely stems from the high cost and regulatory friction of launching spot crypto ETFs through the SEC's current regime. The agency approved Bitcoin ETFs only after years of legal battles, and Ethereum ETFs faced similar scrutiny. Pivoting to a different framework could mean moving toward a Commodity Futures Trading Commission (CFTC) structure, an offshore jurisdiction, or a non-traditional vehicle that avoids SEC registration. Each alternative offers less distribution reach than an SEC-registered ETF.
- Affected assets: Truth Social brand equity, Trump Media's strategic credibility in crypto, and any market expectation that a branded Bitcoin or Ethereum product would draw new retail flows.
- Timeline: The withdrawal letter is dated recently. No public timeline exists for refiling under a different framework.
- What would reduce the risk: Yorkville or another sponsor files a revised crypto ETF under an alternative regulatory structure, or Trump Media announces its own crypto initiative independent of ETF registration.
- What would make it worse: No new filing emerges within six months, or the SEC signals hostility toward any crypto product tied to politically branded entities.
What Comes Next for Trump Media's Crypto Strategy
The core question is whether Yorkville's pivot leads to a different product type or simply ends the initiative. The SEC withdrawal removes the most transparent regulatory path, but – wait, no