The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the proposed Truth Social spot Bitcoin ETF. Instead of moving forward, the agency extended the review period and invited the public to submit comments on the application. This step highlights the SEC’s cautious approach toward cryptocurrency exchange-traded products.
Details of the Filing
NYSE Arca submitted the proposal to list the “Truth Social Bitcoin ETF, B.T.” under Rule 8.201-E for Commodity-Based Trust Shares. The filing first appeared in June and was designated for an extended review in late July. On September 16, 2025, the SEC updated its docket, confirming that the public can weigh in.
The rules allow for two types of feedback:
- Initial comments, due 21 days after publication in the Federal Register.
- Rebuttal comments, due 35 days after publication.
The ETF would operate as a trust holding bitcoin, aiming to mirror the asset’s price minus fees and expenses. Yorkville America Digital, LLC is listed as the sponsor, with the fund expected to trade on NYSE Arca if approved.
Broader Context of ETF Delays
The SEC’s delay fits into a larger pattern of extended reviews for crypto-related ETFs and token-linked products in 2025. Regulators continue to assess market structure, custody risks, and surveillance-sharing agreements designed to curb potential manipulation.
Industry reactions have ranged from cautious patience to growing frustration. Many issuers are still waiting for clarity, while others attempt to differentiate themselves through lower fees or unique product features.
Truth Social’s ETF applications for both bitcoin and ethereum have been in focus, with NYSE Arca as the intended listing venue. Analysts suggest that competition among issuers will intensify, making fee structures and product innovation key to attracting investors. For now, the crypto industry is keeping a close eye on the SEC’s next move.
