Yorkville America has made a significant change to its investment strategy by withdrawing several crypto ETF applications filed on behalf of the Truth Social platform backed by the Trump family.
The asset manager, known for its 'America-first' investment products, cited improved tax efficiencies and stronger investment options as reasons for the shift to offerings registered under the Investment Company Act of 1940. This move is expected to allow Yorkville America to deliver more innovative products to its clients.
However, it remains unclear whether the asset manager plans to pursue a crypto ETF under the new framework or abandon the cryptocurrency market altogether. The withdrawals come at a time when the demand for crypto ETFs has cooled, with net inflows into US spot Bitcoin ETFs sitting at $790 million as of May 19.