Trump Media Withdraws Bitcoin ETF Filing Amid Massive BTC ETF Outflows

Trump Media & Technology Group has officially withdrawn its proposed Bitcoin ETF filing with the U.S. Securities and Exchange Commission (SEC), marking a major setback for the company’s crypto expansion plans. The move comes as U.S. spot Bitcoin ETFs face significant capital outflows, highlighting growing uncertainty in the cryptocurrency investment market.

According to a filing submitted to the SEC on May 19, Trump Media requested the withdrawal of its Form S-1 registration statement tied to the proposed Truth Social Bitcoin ETF. The company stated it decided not to proceed with the public offering “at this time.” The filing also confirmed that the registration statement had not yet become effective and that no securities had been sold under the proposal.

Trump Media had planned to launch the Bitcoin ETF through its Truth Social platform as part of a broader effort to enter the competitive U.S. spot Bitcoin ETF market. In addition to pulling its Bitcoin ETF application, the company also abandoned plans for a dual Bitcoin-Ethereum ETF and a crypto blue-chip ETF introduced earlier this year.

The withdrawal comes during a turbulent period for crypto markets, with institutional demand for Bitcoin ETFs weakening sharply. Data from Farside Investors revealed that U.S. spot Bitcoin ETFs recorded combined net outflows of $648.6 million on May 18, one of the largest daily withdrawals in recent weeks.

BlackRock’s iShares Bitcoin Trust (IBIT) posted the biggest losses, recording $448.4 million in outflows. Fidelity’s FBTC followed with $63.4 million in withdrawals, while ARK Invest’s ARKB lost $109.6 million. Other funds, including Bitwise BITB, VanEck HODL, Franklin Templeton EZBC, and Invesco BTCO, also reported negative flows.

The growing ETF outflows reflect increasing caution among investors as Bitcoin market volatility continues to pressure institutional sentiment.