Original author: Bitpush
On Friday local time, Trump Media Technology Group (DJT) announced that its S-3 registration statement has been approved by the U.S. Securities and Exchange Commission (SEC).
This means that the equity and convertible note agreements previously reached between the company and about 50 investors have officially entered the execution stage, with a total financing amount of about US$2.3 billion. Most of this money - according to the previously disclosed plan - will be used to purchase Bitcoin, making it another listed company after Strategy to use Bitcoin as a core asset reserve.
At the same time, according to financial documents from the U.S. Office of Government Ethics obtained by the New York Post, Trump personally earned $57.35 million from the family-related cryptocurrency platform World Liberty Financial last year, making it one of his most important sources of income.
Trumps crypto income far exceeds traditional business. In addition to the $57.35 million in revenue 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) together account for more than $60 million in annual non-political income.
The document also discloses its sizeable stock and bond investment portfolio, with the relevant details occupying nearly 145 pages of the disclosure document.
Patriotic Economy
Trump Media CEO Devin Nunes made no secret of his strategic intentions in his statement: We are rapidly advancing our expansion plans, including enhancing our social media platforms, developing our streaming business, and building a Bitcoin reserve.
He described this series of actions as an integral part of turning Trump Media into the Patriot Economy. Nunes has repeatedly emphasized that the companys mission is to end the suppression of free speech by large technology companies, and Bitcoin is called the pinnacle tool of financial freedom.
This move is not isolated. Since 2024, Trump Medias layout in the field of cryptocurrency has gradually become clear: first, it announced the launch of the fintech brand Truth.Fi, and then cooperated with Crypto.com to plan to launch a Bitcoin ETF.
At the recent Bitcoin 2025 event held in Las Vegas, Trumps inner circle, including Vice President JD Vance, Donald Trump Jr., Eric Trump, and senior officials such as Crypto Tsar David Sachs, all attended in a high-profile manner, further consolidating Trumps image as the first Crypto President in the United States. This approach of bundling political narratives with financial strategies makes DJT unique on Wall Street.
However, the market’s reaction is not entirely optimistic. Although the price of Bitcoin has remained relatively stable, Trump Media’s stock price has fallen 42% this year, and its 2024 financial report showed revenue of only $3.6 million and losses of $400 million.
Some analysts question whether the companys valuation relies more on political narrative than actual profitability.
The controversy surrounding the president’s “call”
What has sparked more discussion is Trump’s own role. As a major shareholder of the company (holding about 114 million shares through a trust), he once posted on Truth Social calling on investors to “buy DJT”, and the company’s stock price subsequently rose. This move, which blurred the president’s identity and business interests, sparked controversy about market manipulation.
According to CNBC, DJTs move is closely related to the growing dissatisfaction within the Republican Party over the discrimination faced by conservative businesses in banking.
Several Republican leaders, including Trump himself, have publicly accused traditional financial institutions of exclusion of conservative customers. DJTs Truth.Fi platform and the rise of Trump-related cryptocurrencies are seen as a positive response from the private sector to this de-banking trend.
The large-scale conversion of corporate treasury assets into Bitcoin is also a popular trend this year. It was first promoted by Michael Saylors Strategy in 2020 and is now being pushed to a climax by Trumps political movement and his crypto allies. The core goal of this strategy is to continue to increase the amount of Bitcoin held per share and take advantage of the potential appreciation of Bitcoin. Including Jack Mallers New Bitcoin Company, which is supported by Tether and SoftBank, and David Baileys Nakamoto Holdings, are actively deploying in this field, trying to replicate and surpass Strategys successful model.
Now, with the effectiveness of the S-3 registration statement, Trump Medias Bitcoin strategy has entered a substantive stage. If the plan goes well, it will become the worlds third largest corporate Bitcoin holder.
