Author: Bit Push
On Friday local time, Trump Media & Technology Group (stock code DJT) announced that its S-3 registration statement has been approved and become effective by the U.S. Securities and Exchange Commission (SEC).
This means that the company's previous equity and convertible note agreements with approximately 50 investors have officially entered the execution phase, with a total financing of about $2.3 billion. Most of these funds—according to previously disclosed plans—will be used to purchase Bit, making it another listed company that uses Bit as its core asset reserve after Strategy.
At the same time, according to financial documents from the U.S. Government Ethics Office obtained by the New York Post, Trump personally earned $57.35 million in income from the family-related crypto platform World Liberty Financial last year, becoming one of his most important income sources.
Trump's crypto income far exceeds his traditional business. Besides the $57.35 million from World Liberty Financial, his derivative businesses such as "45 Guitar" (generating $1.05 million), "Trump Sneakers and Perfume" ($2.5 million), and Trump brand watches ($2.8 million) collectively constitute over $60 million in annual non-political income.
The documents also disclosed his substantial stock and bond investment portfolio, with related details occupying nearly 145 pages of the disclosure document.
"Patriot Economy"
Trump Media's CEO Devin Nunes did not hide his strategic intent in the statement: "We are rapidly advancing our expansion plans, including enhancing our social media platform, developing streaming business, and establishing a Bit reserve."
He described this series of actions as making Trump Media an indispensable part of the "Patriot Economy". Nunes repeatedly emphasized that the company's mission is to "end the suppression of free speech by big tech companies", and Bit was referred to by him as the "pinnacle tool of financial freedom".
This move is not isolated. Since 2024, Trump Media's layout in the crypto field has gradually become clear: first announcing the launch of the fintech brand Truth.Fi, then partnering with Crypto.com to plan a Bit ETF.
At the recent "Bitcoin2025" in Las Vegas, Trump's core circle—including Vice President J.D. Vance, Donald Trump Jr., Eric Trump, and "Crypto Czar" David Sachs—all made high-profile appearances, further solidifying Trump's image as America's first "crypto president". This approach of bundling political narrative with financial strategy makes DJT stand out on Wall Street.
However, the market's response is not entirely optimistic. Although Bit price remains relatively stable, Trump Media's stock has dropped 42% this year, with its 2024 financial report showing revenue of only $3.6 million and a loss of $400 million.
Some analysts question whether the company's valuation relies more on political narrative than actual profitability.
The Controversy of Presidential "Shilling"
More discussion has been sparked by Trump's own role. As a major shareholder (holding about 114 million shares through a trust), he once posted on Truth Social urging investors to "buy DJT", after which the company's stock price rose. This blurring of presidential identity and commercial interests has raised controversies about market manipulation.
According to CNBC, DJT's actions are closely related to the growing dissatisfaction within the Republican Party about conservative enterprises being discriminated against in banking.
Multiple Republican leaders, including Trump himself, have publicly accused traditional financial institutions of "excluding" conservative customers. The Truth.Fi platform launched by DJT and the rise of crypto associated with Trump are seen as a positive response from the private sector in this "de-banking" trend.
Converting a large portion of company treasury assets into Bit is also a popular trend this year. First implemented by Michael Saylor's Strategy company in 2020, it is now being pushed to a climax by Trump's political movement and his crypto allies. The core strategy aims to continuously increase Bit holdings per share, utilizing Bit's potential appreciation. Companies including Jack Mallers' new Bit company supported by Tether and SoftBank, and David Bailey's Nakamoto Holdings are actively laying out in this field, trying to replicate and surpass Strategy's success.
Now, with the S-3 registration statement taking effect, Trump Media's Bit strategy enters a substantive phase. If the plan goes smoothly, it will become the world's third-largest corporate Bit holder.
