James Seyfart: Truth Social withdraws spot Bitcoin ETF application

Bloomberg ETF analyst James Seyfart revealed that Trump's social platform Truth Social has withdrawn its spot Bitcoin ETF application. He believes that the reason may be the fierce market competition, especially after Morgan Stanley launched MSBT with a rate of only 14 basis points, the market space was compressed. Seyfart pointed out that Truth Social still plans to launch more flexible cryptocurrency related ETF strategies and adopt the 40 Act fund architecture. He questioned whether the market needed a 14th spot Bitcoin ETF, but believed that differentiated products still made sense.