Trump Media & Technology Group has withdrawn its SEC registration statements for the "Truth Social Bitcoin ETF" and "Truth Social Bitcoin & Ethereum ETF," ending its push into the spot bitcoin ETF market before either product launched. The company called it a "structural reset," but ETF analysts aren't buying that framing.
Nate Geraci of NovaDius Wealth Management noted that Trump Media's first five Truth Social ETFs have attracted just over $30 million in combined assets since launching at end of 2025 — a "lukewarm reception" that likely spooked the firm from entering an even more competitive category. Bloomberg Intelligence's Eric Balchunas put it bluntly: with Morgan Stanley's spot bitcoin ETF charging just 14 basis points, a Truth Social bitcoin product would have been "a dead man walking."
Bloomberg's James Seyffart dismissed the company's structural explanation — citing…
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