Truth Social withdraws Bitcoin ETF applications

Trump Media-linked Truth Social investment vehicles have pulled back from two spot-crypto ETF filings that had been structured under the Securities Act of 1933, according to Securities and Exchange Commission records made public this week. The withdrawals cover a proposed Truth Social Bitcoin ETF and a proposed Truth Social Bitcoin & Ethereum ETF, both sponsored by Yorkville America Digital, LLC. The filings do not give a detailed reason beyond saying the offerings will not be pursued “at this time.” SEC records also show a separate Truth Social Funds filing remains active for a Bitcoin and Ether ETF registered under the Investment Company Act of 1940. ### Which filings were withdrawn? A May 19 letter to the SEC withdrew the registration statement for Truth Social Bitcoin & Ethereum ETF, B.T., which had originally been filed on June 16, 2025. The letter was signed by Troy Rillo, identified as manager and chief executive officer of Yorkville America Digital, LLC, acting as sponsor of the fund. It said the company requested “the immediate withdrawal” of the Form S-1 under Rule 477(a) of the Securities Act of 1933. (sec.gov) A separate SEC filing from June 5, 2025 shows the standalone Truth Social Bitcoin ETF, B.T. had also been set up as a Form S-1 registration under the 1933 Act, with Yorkville America Digital listed as sponsor. That filing described a Nevada business trust whose assets would consist primarily of bitcoin held by a custodian. A June 16, 2025 filing shows the combined Bitcoin-and-Ethereum product was also organized as a Nevada business trust under a 1933 Act Form S-1. (sec.gov) That filing said the trust’s assets would consist primarily of bitcoin and ether held by a custodian. ### What did the withdrawal letter actually say? The May 19 withdrawal letter said the company had “determined to withdraw the Registration Statement and not to pursue the public offering at this time.” It also said the registration statement had not been declared effective by the SEC and that “no securities have been sold” under the filing. (sec.gov) The same letter asked the SEC to credit filing fees for future use under Rule 457(p). (sec.gov) That language indicates the sponsor is preserving the option to reuse fees on another registration statement rather than abandoning fund plans altogether. That is an inference from the fee-credit request and the existing Truth Social Funds filings. ### Why are people talking about the 1940 Act? (sec.gov) A February 13, 2026 SEC filing for Truth Social Funds created a separate series called “Truth Social Bitcoin and Ether ETF” alongside a “Truth Social Cronos Yield Maximizer ETF.” That filing was made on Form 485APOS, a post-effective amendment used for registered investment companies under the Investment Company Act of 1940. (sec.gov) A May 14, 2026 SEC filing then set a new effective date for that same Truth Social Bitcoin and Ether ETF series. SEC records list it as an existing series under Truth Social Funds, which suggests the 1940 Act structure remains in place even after the spot-style 1933 Act withdrawals. ### Who is behind the Truth Social funds effort? Trump Media and Technology Group said in a Sept. 10, 2025 release that its expanding ETF lineup, including previously announced digital-asset ETFs, would be marketed collectively as the “Truth Social Funds.” The company said Trump Media operates Truth Social, Truth+, and the fintech brand Truth.Fi, while Yorkville America affiliates would act as sponsor and investment adviser for the fund lineup. (sec.gov 1) (sec.gov 2) The next public marker is likely to be another SEC filing. As of May 14, 2026, SEC records still showed an effective-date filing for the Truth Social Bitcoin and Ether ETF series under Truth Social Funds, with Yorkville-affiliated entities named in the registration documents. (sec.gov) (sec.gov)