Bitcoin ETF · Donald Trump · Bitcoin · SEC · U.S. · Bloomberg · Decrypt
Reasoning is below in press release
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But it doesn’t make a ton of sense to me.
Key facts
- Morgan Stanley’s Bitcoin ETF has undercut competitors with a market-leading 0.14% annual expense ratio, versus Grayscale's Bitcoin Mini Trust at 15 basis points and both BlackRock's iShares Bitcoin
- Per SoSoValue, the U.S. spot Bitcoin ETF market has attracted $57.4 billion in cumulative inflows since the SEC initially approved the products in January 2024, creating one of the most successful
- Of course a 33 act ETP is different from a 40 act ETF and it has less protections
- Bloomberg Research Analyst James Seyffart offered a different interpretation pointing to a “more competitive landscape” for spot Bitcoin ETFs following the launch of Morgan Stanley’s MSBT in April
Summary
Trump Media & Technology Group has withdrawn its Bitcoin and Bitcoin-Ethereum ETF applications. Sponsor and investment advisor Yorkville America said that it will pursue a different regulatory framework under the '40 Act instead of the '33 Act. The withdrawal highlights intense fee pressure in the $57.4 billion U.S. spot Bitcoin ETF market, following the launch of Morgan Stanley's MSBT. The firm behind Donald Trump's social media platform Truth Social has filed to withdraw its applications for crypto exchange-traded funds, abandoning plans for both Bitcoin and Bitcoin-Ethereum ETFs. In its filing, Trump Media & Technology Group stated that “The Company has determined to withdraw the Registration Statement and not to pursue the public offering now.”