The company behind Truth Social has withdrawn its application to launch a Bitcoin (CRYPTO: $BTC) exchange-traded fund (ETF). 

Trump Media & Technology Group has withdrawn a registration with the U.S. Securities and Exchange Commission (SEC) for “Truth Social Bitcoin” and “Bitcoin-Ethereum” (CRYPTO: $ETH) ETFs, effectively canceling their launch.

Trump Media & Technology Group (NASDAQ: $DJT) runs the Truth Social platform that is an alternative to X, formerly known as Twitter. 

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Both ventures are backed by U.S. President Donald Trump. 

Trump and his family members are involved in several cryptocurrency ventures and were aiming to bring Bitcoin and Ethereum ETFs under the Truth Social umbrella. 

However, Trump was trying to enter an increasingly crowded Bitcoin ETF market.

In recent months, Wall Street investment bank Morgan Stanley (NYSE: $MS) launched a new Bitcoin ETF, bringing the number to more than a dozen. 

Trump Media and Technology Group framed the application withdrawal as a “structural reset,” saying it wants to deliver the right investment vehicles to people. 

The Trump-backed social media company has struggled with poor finances and a declining share price. 

DJT stock is down 42% this year and trading at $7.96 U.S. per share.