Yorkville America has pulled the registration statements for three planned Truth Social-branded crypto ETFs, pausing a high-profile corner of Trump Media & Technology Group’s push into digital assets.
Which ETFs were affected
- Truth Social Bitcoin ETF
- Truth Social Bitcoin and Ethereum ETF
- Truth Social Crypto Blue Chip ETF
What changed
Yorkville said it withdrew certain planned ETF strategies that were being registered under the Securities Act of 1933 and will pivot new product development to structures governed by the Investment Company Act of 1940. “Yorkville America is not stepping back – we are stepping forward with a stronger product platform,” President Steve Neamtz said.
Why it matters
Yorkville argues the ’40 Act framework better supports rules-based funds with broader distribution, regular public disclosure, independent oversight and potential tax efficiency — and it already governs the firm’s existing Truth Social Funds lineup. But the move is procedural, not an announcement that new crypto ETFs will definitely launch under the ’40 Act; it reflects a change in how Yorkville plans to build future products under the Truth Social brand.
Context and market backdrop
- The firm currently lists five NYSE ETFs under the Truth Social Funds brand focused on defense, security, energy, technology, large-cap U.S. companies and domestic real estate.
- Demand for crypto ETFs has softened: U.S. spot Bitcoin ETFs posted about $1 billion in net outflows in the week ending May 15, ending a six-week inflow streak, while Ethereum ETFs saw roughly $255.11 million in outflows that week. That softer demand leaves new entrants competing in a more crowded and less forgiving market.
- Trump Media reported a $405.9 million net loss in Q1, largely driven by non-cash unrealized losses tied to digital assets and related holdings. Still, the company’s filings keep digital assets and exchange-traded products in its Truth.Fi strategy, and it has previously partnered with Crypto.com and Yorkville America Digital to develop ETFs and related products.
What’s next
Yorkville’s withdrawal narrows the near-term path for the proposed Truth Social crypto ETFs. Investors and market watchers will be watching future filings to see whether Yorkville re-files with a ’40 Act crypto product, pursues different crypto exposure, or focuses the Truth Social Funds platform more on traditional ’40 Act strategies.
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