Yorkville Withdraws Truth Social Bitcoin ETF Filings to Pursue 1940 Act

On May 20, Yorkville America withdrew Truth Social’s spot Bitcoin and Bitcoin-Ethereum ETF registrations, pivoting instead to structures under the Investment Company Act of 1940. The move follows Trump Media’s Form S-1 withdrawal on May 19 amid $648.6 million in spot Bitcoin ETF outflows on May 18, led by BlackRock’s IBIT. Intense fee competition, including Morgan Stanley’s 14 bps MSBT product, has reduced appetite for new 1933 Act launches as 2026 inflows total roughly $790 million year-to-date versus $25 billion in 2025.