Yorkville Withdraws Truth Social Crypto ETF Applications

Yorkville America has withdrawn applications for three Truth Social-branded crypto exchange-traded funds after deciding to shift product strategy from Securities Act of 1933 registrations to structures governed by the Investment Company Act of 1940. The withdrawn filings covered a Truth Social Bitcoin ETF, a Truth Social Bitcoin & Ethereum ETF and a Truth Social Crypto Blue Chip ETF.

In a statement, the company wrote, “We initiated this process after determining the ’40 Act framework provides a structure for delivering the differentiated, rules-based investment strategies the firm continues to develop for its growing investor base.” The firm did not indicate whether it will refile the crypto ETFs under the 1940 Act.

Yorkville serves as financier and asset manager for Trump Media & Technology Group, the operator of Truth Social. The ETF proposals were part of the company’s broader crypto initiative, which included the launch last year of the Truth.fi financial platform. Yorkville’s product lineup includes funds themed around defense, security, energy, technology and real estate.

Products registered under the Securities Act of 1933 are commonly used for spot commodity and crypto-style ETFs. The Investment Company Act of 1940 governs mutual funds and many ETFs and requires more prescriptive rules on fund governance, disclosure and investor protections, which Yorkville said better fits the rules-based strategies it plans to offer.

Market conditions for crypto ETFs have softened in 2026. Through 2026, U.S. spot Bitcoin ETFs have posted roughly $790 million in net inflows, compared with about $25 billion in 2025. Spot Ether ETFs recorded about $640 million in net outflows during 2026.

Analyst James Seyffart noted intense fee competition among Bitcoin ETFs and flagged a recently launched product with a 0.14% fee as an example of pressure that could limit the prospects for new entrants.

Political scrutiny has also surrounded firms tied to Truth Social. Since President Donald Trump’s January 2025 inauguration, Democratic senators have sought information about his connections to crypto platforms and related financial interests, including links to the World Liberty Financial crypto service. Those inquiries have increased regulatory and public attention on companies associated with Truth Social and its backers.

Yorkville filed formal withdrawal requests with the Securities and Exchange Commission. The company has not provided a timeline for launching any new funds under the 1940 Act or for refiling the withdrawn crypto proposals, leaving the future of Truth Social-branded ETFs unresolved.