Truth Social, part of the Trump Media & Technology Group, filed with the SEC on May 19 requesting the withdrawal of its Bitcoin ETF registration statement submitted on Form S-1. An SEC filing confirms that the company has decided to withdraw the registration statement and is currently not proceeding with a public offering. The registration statement has not become effective, and no related securities have been sold. The company has halted plans to issue a Bitcoin–Ethereum dual ETF and a crypto blue-chip ETF.
## Withdrawal details confirmed in the SEC filing
Confirmed withdrawal content:
Withdrawal application: Bitcoin ETF registration statement submitted on Form S-1
Company statement: “Currently, it will not proceed with a public offering.”
Registration status: Not yet effective; sold securities: none
Other plans to stop or withdraw in parallel:
· Bitcoin–Ethereum dual ETF (stopped)
· Crypto blue-chip ETF (filed earlier this year; withdrawn)
Seyffart’s legal framework explanation: There are differences between ETPs under the 33 Act and ETFs under the 40 Act, and the protections are less, but Seyffart emphasizes that “this has always been a known fact with no changes,” so it is not a new factor behind the withdrawal.
## Seyffart’s confirmation of the competitive landscape analysis
Based on Seyffart’s confirmation analysis on X, this withdrawal is more likely related to the market competitive landscape. The most specific factor is market entry by Morgan Stanley MSBT (14 bps)—in an environment where low-fee mature products have already dominated the market, such as BlackRock’s IBIT, the room for fee competition and the difficulty of differentiation for new entrants have increased significantly.
## May 18 Spot Bitcoin ETF flows data
Based on Farside Investors data, the outflows on May 18 for major products were as follows:
BlackRock IBIT: -$448.4 million (largest outflow)
ARK ARKB: -$109.6 million
Fidelity FBTC: -$63.40 million
Bitwise BITB: -$9.20 million
VanEck HODL: -$7.60 million
Franklin Templeton EZBC: -$6.60 million
Invesco BTCO: -$3.80 million
WisdomTree BTCW and Valkyrie BRRR: No fund flow
On May 18, all major spot Bitcoin ETFs recorded net outflows, for a total net outflow of $648.6 million.
## FAQ
#### Does Truth Social’s “no issuance for now” mean it is permanently giving up?
According to the SEC filing, the company’s wording is “currently not proceeding with a public offering.” It uses “for now” rather than a permanent abandonment, but the company did not provide any explanation for restarting. The company also stopped its dual ETF and blue-chip ETF plans, suggesting a broader adjustment to its crypto ETF strategy.
#### Why did Morgan Stanley MSBT’s 14 bps fee become a key factor?
According to Seyffart’s analysis, the spot Bitcoin ETF market has already been dominated by mature, low-fee products such as BlackRock’s IBIT. Morgan Stanley’s 14 bps MSBT is a concrete example of intensifying competition, further shrinking the market space for new entrants and making it difficult for Truth Social to establish a differentiation advantage in fees or brand.
#### How should the $648.6 million outflow size on May 18 be interpreted?
$648.6 million is one of the largest single-day outflows for U.S. spot Bitcoin ETFs in recent weeks. All major products saw negative inflows on the same day, reflecting a broad trend of institutional capital pulling back. For reference, the largest prior single-day outflow occurred on January 29, 2026 (over $800 million).
