On Friday local time, Trump Media & Technology Group (stock code DJT) announced that its submitted S-3 registration statement has been approved by the U.S. Securities and Exchange Commission (SEC).
This means that the equity and convertible note agreement previously reached by the company with about 50 investors has officially entered the execution stage, with a total financing amount of approximately 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 that uses Bitcoin as a core asset reserve after Strategy.
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, becoming one of his most important sources of income.
Trump's 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 constitute more than $60 million in annual non-political income.
The documents also disclose his considerable stock and bond investment portfolio, with the relevant details occupying nearly 145 pages of the disclosure documents.
Trump Media CEO Devin Nunes made no secret of his strategic intentions in his statement: "We are rapidly advancing our expansion plans, including enhancing social media platforms, developing streaming media businesses, and establishing a Bitcoin reserve."
He described this series of actions as an integral part of making Trump Media an "Patriot Economy." Nunes has repeatedly emphasized that the company's mission is to "end the suppression of free speech by large technology companies," and Bitcoin is called "the pinnacle tool for financial freedom."
This move is not isolated. Since 2024, Trump Media's layout in the field of cryptocurrency has gradually become clear: first, it announced the launch of the financial technology brand Truth.Fi, and then cooperated with Crypto.com to plan to launch a Bitcoin ETF.
At the recent "Bitcoin2025" held in Las Vegas, Trump's core circle - including Vice President J.D. Vance, Donald Trump Jr., Eric Trump, and senior officials such as "Crypto Tsar" David Sachs - all attended in a high-profile manner, further consolidating Trump's image as the first "crypto president" in the United States. And this practice 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 company's valuation relies more on political narratives than actual profitability.
What has sparked more discussion is the role of Trump himself. 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, has sparked controversy about market manipulation.
According to CNBC, DJT's move is closely related to the growing dissatisfaction within the Republican Party with the discrimination against conservative companies in banking.
Several Republican leaders, including Trump himself, have publicly accused traditional financial institutions of "exclusion" of conservative customers. The Truth.Fi platform launched by DJT 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. Pioneered by Michael Saylor's Strategy in 2020, it is now being pushed to a climax by Trump's political movement and its crypto allies. The core goal of this strategy is to continue to increase the amount of Bitcoin held per share and take advantage of Bitcoin's potential appreciation. Including Jack Mallers' new Bitcoin company backed by Tether and SoftBank, and David Bailey's Nakamoto Holdings, are actively deploying in this field, trying to replicate and surpass Strategy's successful model.
Now, with the entry into force of the S-3 registration statement, Trump Media's Bitcoin strategy has entered a substantive stage. If the plan goes well, it will become the world's third largest corporate Bitcoin holder.
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