Trump-backed Truth Social pulls bids for crypto ETFs

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The firm, known for “America First”-themed investment products, gave no indication it would pursue a crypto ETF under the ‘40 Act framework. Yorkville is the financier and asset manager for Trump Media & Technology Group (TMTG), which is behind Truth Social. The withdrawals come amid ongoing concerns that Trump’s ties to the crypto industry, and the financial interests stemming from them, are conflicting with his duties as the US president. Democratic senators have been pressing for answers ever since Trump was inaugurated in January 2025, particularly regarding his role with the World Liberty Financial crypto platform. It also comes as demand for crypto ETFs has cooled in 2026 amid a broader crypto market pullback. Net inflows into US spot Bitcoin (BTC) ETFs in 2026 currently sit at $790 million as of Tuesday, mostly concentrated in the BlackRock-issued iShares Bitcoin Trust ETF (IBIT) and are only a fraction of the $25 billion that inflowed in 2025. Spot Ether (ETH) ETFs have also struggled to maintain investor interest, recording $640 million in net outflows, while new altcoin ETFs have not captured the same demand at launch as their predecessors. Related: Trump-linked American Bitcoin energizes 11,298 new ASICs However, Bloomberg ETF analyst James Seyffart suspected Yorkville America’s decision to pull out of the crypto ETF market may have been due to the competitive landscape for Bitcoin ETFs, particularly with the new Morgan Stanley Bitcoin Trust ETF carrying a market-low fee of 0.14%. The crypto ETFs were intended to be part of TMTG's broader crypto strategy, which included the launch of the Truth.fi financial platform last year. Yorkville America’s product offerings range from American-themed funds spanning defense, security and energy, as well as tech and real estate. Products issued under the ’40 Act are typically mutual funds and ETFs designed for diversified, regulated investment strategies, while ’33 Act structures are commonly associated with spot commodity and crypto-style ETF products. Magazine: ETH stalls at $2.4K five times, SOL to rally to $120: Market Moves More on the subject

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