BlockBeats News, May 20th - Trump Media & Technology Group has officially withdrawn two S-1 registration statements for a Bitcoin ETF and a Bitcoin-Ethereum Composite ETF that it had submitted to the U.S. Securities and Exchange Commission (SEC).

The company filed for withdrawal on May 19th Eastern Time. According to regulatory documents obtained by Decrypt, Trump Media stated that the decision to withdraw was based on an assessment of the current market competitive landscape and a realignment of the company's strategic priorities. The company did not specify whether it intends to resubmit the applications in the future.

Trump Media initially filed for these two ETFs in March of this year, planning to issue them through TMTG's Truth Social brand. If approved, the products were originally intended to be custodied by Custodia Bank.

Bloomberg Intelligence ETF analyst James Seyffart expressed surprise at this decision on social media, believing that the reasons for withdrawal were not sufficient. He speculated that this action may be related to the intense competition in the current physically-backed Bitcoin ETF market rather than regulatory obstacles. Since January this year, over ten physically-backed Bitcoin ETFs have been approved for listing, including products from traditional asset management giants such as BlackRock and Fidelity, making the market highly saturated.

As of now, Trump Media and Truth Social have not publicly commented further on the withdrawal.