Trump-Linked Truth Social Drops Plan for Spot Bitcoin ETF Amid Market Competition

Trump-linked Truth Social has pulled its application for a spot Bitcoin exchange-traded fund, signaling a change in its crypto strategy.

The decision comes amid growing competition in the spot Bitcoin ETF space, according to Bloomberg ETF analyst James Seyffart, who pointed to new market pressure following the launch of Morgan Stanley’s MSBT, which features a 14-basis-point fee.

Seyffart indicated that Truth Social may be evaluating a shift to a more flexible ETF model for crypto under the 1940 Investment Company Act.

Source: James Seyffart