Yorkville Withdraws Truth Social Crypto ETF Filings

Yorkville America Equities withdrew registration statements for three Truth Social-branded crypto ETFs from the U.S. Securities and Exchange Commission on May 19 and said it will refile the products as funds governed by the Investment Company Act of 1940.

The filings covered the Truth Social Bitcoin ETF, the Truth Social Bitcoin & Ethereum ETF and the Truth Social Crypto Blue Chip ETF. Yorkville originally filed the registration statements between June and July 2025 and said the statements were not declared effective and that no securities were sold under them.

The sponsor submitted the withdrawals under SEC Rule 477(a) and invoked Rule 457(p) to request that any filing fees already paid be credited to future submissions. Yorkville said it will pursue the offerings under the 1940 Act framework rather than the earlier structure.

Yorkville described the change as a regulatory and distribution strategy adjustment, saying the 1940 Act offers greater investor protections, more operational flexibility and broader access to institutional distribution channels. Steve Neamtz, president of Yorkville America, wrote in the filing, “Yorkville America is not stepping back – we are stepping forward with a stronger product platform.”

Analyst James Seyffart questioned the rationale and pointed to competition in the growing spot crypto ETF market as a likely factor. He noted recent entrants offering low fees and cited a spot Bitcoin ETF that launched with a 14-basis-point fee, saying more differentiated strategies in a 1940 Act structure would be commercially sensible.

Yorkville did not provide a timeline for refiling or relaunching the Truth Social-branded ETFs. Plans for the proposed spot Bitcoin and Ethereum ETFs are on hold while the firm prepares filings under the Investment Company Act of 1940.