Truth Social has withdrawn its application for a spot Bitcoin ETF, according to Bloomberg ETF analyst James Seyffart. The move comes as competition in the Bitcoin ETF market heats up, with newer products like Morgan Stanley’s low-fee MSBT putting pressure on entrants. The decision matters because it shows how difficult the crowded ETF space has become, even for high-profile brands. Seyffart believes Truth Social could now shift focus toward a different type of crypto fund structure that offers more flexibility and easier management.
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