Trump Media Pulls Bitcoin and Ethereum ETF Applications
Trump Media & Technology Group pulled two Form S-1 registrations for proposed cryptocurrency exchange-traded funds from SEC review on May 20, according to a Decrypt report published about an hour before this article. The two withdrawn filings covered a Bitcoin-only fund and a combined Bitcoin (BTC) and Ethereum (ETH) product.
The move pauses what would have been one of the highest-profile retail crypto fund launches tied to the current U.S. administration.
What Trump Media Filed
Trump Media, the publicly traded media and technology company that operates the Truth Social platform, had submitted the two Form S-1 registrations earlier this year as part of a stated push into cryptocurrency financial products. An S-1 is the SEC registration document required before a new fund can be offered publicly to U.S. investors.
The company withdrew both registrations before the SEC completed its review, meaning neither product has been approved or denied. No reason for the withdrawal was given in the available disclosure.
Trump Media trades on Nasdaq as Trump Media & Technology Group (DJT).
The company went public via a SPAC merger in March 2024 and has since positioned Truth Social as the flagship product of a broader media and financial services strategy.
Also Read: South Carolina Cryptocurrency Rights Law
Background
The withdrawn filings fit a wider pattern of media and politically affiliated entities seeking cryptocurrency fund exposure in the current regulatory environment. The SEC under Chair Paul Atkins has signaled a more permissive posture toward digital asset products than the agency held under his predecessor.
Spot Bitcoin ETFs received approval in January 2024 and have gathered more than $100 billion in combined assets. Spot Ethereum ETFs followed later that year.
The Trump Media filings were seen as a downstream effect of that opening, with the company seeking to offer branded crypto fund products to retail investors through its existing platform relationships.
A withdrawal of S-1 registrations does not permanently close the door. Companies routinely refile after adjusting fund structure, fee disclosures, or custodian arrangements.
Whether Trump Media plans to refile has not been disclosed.
Also Read: UK Loosens Russian Oil Sanctions Amid Hormuz Supply Fears
What Comes Next
The withdrawal leaves Trump Media without an active SEC registration for any cryptocurrency product. Traders and analysts will watch for a refiled S-1, a revised fund structure, or a formal statement from the company on timing.
BTC held near $77,400 on May 20 as broader cryptocurrency markets showed modest gains, with the ETF withdrawal appearing to have no immediate price impact on Bitcoin or Ethereum. The company has not commented publicly on the withdrawal as of this report’s publication.
Read Next: UK Supermarkets Push Back Against Government Pressure to Freeze Food Prices
