Author: Dingdang, Odaily Planet Daily

On January 20, Trump Media & Technology Group (NASDAQ: DJT) announced that the record date for its previously announced digital token program is February 2, 2026. The ultimate beneficial owners and registered shareholders who hold at least one full share of DJT stock on that record date will be eligible to receive future digital tokens and related incentives. After the record date, Trump Media will partner with Crypto.com to handle the minting and distribution of the tokens; the specific implementation mechanism is yet to be disclosed.

From a purely formal perspective, this appears to be a cross-disciplinary experiment between crypto and traditional finance: although it's an airdrop, the holders are not crypto enthusiasts, but rather US stock market investors. However, the combination of "Trump family + cryptocurrency issuance" inevitably stirs up market sentiment.

After all, Trump has always had a knack for manipulating the cryptocurrency market; the frenzy surrounding Trump's token launch is still fresh in everyone's memory. It created immense wealth for many, but was subsequently accused of draining market liquidity, as the market experienced a sharp correction afterward. This time, DJT's shareholder token plan is yet another example of the Trump family playing with financialization and securitization, but strangely, it evokes a familiar feeling of being exploited. Why is that?

Since Trump began his second term, his public stance has clearly shifted towards being more favorable to the crypto industry: on the one hand, he has pushed for the development of a regulatory framework, and on the other hand, his family businesses have simultaneously accelerated their expansion in the crypto sector. Over the past year, crypto assets have become an indispensable part of the Trump family's wealth structure, systematically building a crypto industry network spanning DeFi, stablecoins, computing power, and publicly traded financial products.

Recent reports indicate that crypto-related projects have added approximately $1.4 billion to the Trump family's assets within a year, bringing the proportion of crypto assets to nearly 20% of their total net worth of approximately $6.8 billion for the first time.

Based on this, Odaily Planet Daily attempts to conduct a systematic review of the Trump family's current traceable major encryption layout.

1. World Liberty Financial: A Core DeFi Hub

This is a core crypto project in the Trump family's business strategy. The project is positioned as a decentralized finance protocol and governance platform, attempting to build a bridge between traditional finance (TradFi) and DeFi through blockchain technology, providing users with lending, governance participation and profit opportunities, while emphasizing the role of the US dollar stablecoin in the global digital financial system.

The project was launched in 2024 by Trump himself and his sons, Donald Trump Jr. and Eric Trump, along with real estate developer Steve Witkoff and other partners.

World Liberty Financial's governance token is WLFI, with a total supply of 10 billion and a current market capitalization of approximately $4.7 billion. The token launched its sale in October 2024, raising approximately $550 million. According to the circulated profit-sharing structure, approximately 75% of the net proceeds from the sale went to entities owned by the Trump family, meaning this alone could potentially bring them approximately $400 million in cash returns.

In terms of token distribution, the family-affiliated company DT Marks DeFi LLC holds approximately 2.25 billion WLFI, representing 22.5% of the total supply. At the current price of approximately $0.17, its book value is approximately $380 million.

What's even more noteworthy is its stablecoin, USD1.

USD1 is 100% backed by reserves primarily composed of short-term U.S. Treasury bonds, cash deposits, and money market funds. Defillama data shows that USD1 currently has a market capitalization of approximately $3.2 billion, ranking seventh among stablecoins. For a stablecoin only launched in April 2025, its growth rate is astonishing.

The most crucial contributing factor was Binance's deep integration and traffic support. On the BSC chain, the supply of USD1 is approximately $1.83 billion, accounting for 57.8% of its total issuance.

If we assume a reserve size of approximately $3 billion and that the annualized yield on short-term US Treasury bonds is between 3.5% and 4.5% in 2026, then the interest income from reserve assets alone could reach $105 million to $135 million annually. Under the current model, this cash flow primarily belongs to the issuing entity.

From a financial structure perspective, this makes USD1 not just a stablecoin, but also a financial instrument capable of continuously generating dollar cash flow. For the Trump family, it can be described as a long-term operating "interest machine."

2. American Bitcoin Corp.: Driven by both computing power and reserves

American Bitcoin Corp (NASDAQ: ABTC) is a Bitcoin mining and strategic reserve company controlled by Hut 8 Corp, one of the largest publicly traded mining companies in North America, and operated in partnership with the Trump family. Hut 8 holds approximately 80% of the shares, Eric Trump, Donald Trump Jr., and early shareholders of American Data Centers collectively hold the remaining 20%, and Eric Trump personally holds approximately 7.4%-7.5%.

The company is not merely an investment entity, but operates multiple large mining farms located in Texas and other locations. In November 2025, Eric Trump showcased a Texas mining farm in a public video, deploying approximately 35,000 mining machines, stating that this was only a portion of its overall computing power, implying that American Bitcoin Corp. likely owns far more than 35,000 machines. It claimed daily output accounted for approximately 2% of the global daily new Bitcoin production. Based on this context, the company would produce approximately 9 Bitcoins per day (out of a global daily new production of approximately 450), or about 3,285 Bitcoins per year.

According to American Bitcoin's Q3 2025 financial report, the company generated approximately $64.2 million in revenue and $3.5 million in net profit, reversing a loss of $576,000 in the same period last year. The company mined 563 bitcoins in Q3. Based on this, the average price of bitcoin during that period was around $114,000. If the price were to fluctuate within the current range of approximately $89,000, profitability would clearly be compressed, potentially even resulting in losses.

According to data from bitcointreasuries.net, American Bitcoin Corp currently holds a total of 5,427 Bitcoins, worth approximately $486 million, accumulated through mining and market purchases, placing it among the top 20 publicly traded companies in terms of Bitcoin reserves.

However, because the company does not pay for the new mining machines entirely with cash, but instead adopts a "BTC collateral + installment/guarantee" structure, it uses some of its own Bitcoin as collateral to exchange for equipment from the mining machine manufacturers and delays payment. The collateralized BTC disclosed in Q3 was approximately 2,385, which has not yet been deducted from the total reserves.

Many mining companies use this method, using BTC as "high-value collateral" to exchange for physical equipment. Therefore, for mining companies, this cyclical accumulation method of "mining output → partial collateral financing for new mining machines → increased computing power → more mining output" can amplify the rate of return on capital during an upward trend in Bitcoin prices; and it will also amplify operating leverage during a bear market.

3. Trump and Melania Tokens: Monetizing Political IP

Compared to the aforementioned infrastructure-based layouts, Trump and Melania directly leverage the Trump family's brand influence and market hype to generate revenue.

Trump was launched by Trump-affiliated companies CIC Digital LLC and Fight Fight Fight LLC. The total token supply is 1 billion, with an initial circulation of 200 million, and the remaining 800 million expected to unlock linearly over 3 years. However, the two affiliated entities hold 80% of the Trump tokens, with a lock-up period of 3–12 months, followed by a gradual release over 24 months.

According to tokenomist data, the current circulating supply of TruMP is 480 million, of which 200 million were used for airdrops and liquidity support, unlocking immediately upon initial circulation. The remaining 280 million are owned by companies associated with Trump. Based on the current price of $4.86, this represents a paper profit of approximately $1.36 billion, even though the current price of TruMP has fallen by over 90% from its peak of $77.

MELANIA is marketed by MKT World LLC, a Florida-based company owned by First Lady Melania Trump. The total supply is also 1 billion tokens, of which approximately 600 million have been unlocked, with 350 million allocated to the team, equivalent to about $57.8 million at current prices.

However, the Melania team was once accused of cashing out at high prices and defrauding investors. In June 2025, on-chain data showed that team-related addresses sold 82.18 million MELANIA tokens through 44 wallets within four months, mainly by adding and removing liquidity, cashing out a total of 245,000 SOL tokens, worth approximately $35.76 million at the time. It's conceivable that their actual profits may far exceed the current figures.

4. Trump Digital Trading Cards Series NFTs

NFTs were Trump's starting point into the crypto world.

In December 2022, Trump announced the release of Trump Digital Trading Card NFTs through his social media website, Truth Social. The series was minted on the Polygon blockchain, with an initial total of 45,000 NFTs created, each priced at $99. Purchasing 45 digital trading cards would earn a ticket to dinner with Trump. Despite initial ridicule, the series sold out in less than two days, generating $4.45 million in revenue.

Following the initial success, Trump released Series 2 and Series 3, with the same price of $99 per copy. However, Series 2 had a total of 47,000 copies, while Series 3 had a total of 100,000 copies. Despite the exaggerated quantities, Trump's creative marketing strategy resulted in both series selling out, generating approximately $14.55 million in revenue from these two sales.

In August 2024, Trump released Series 4, still priced at $99 per copy, but with a staggering 360,000 copies sold. This time, however, the market couldn't handle it. Opensea data shows that approximately 32,000 copies were sold, generating about $3.18 million in profit.

Overall, this series of NFTs still brought Trump over $20 million in direct revenue, not including the 10% royalties he could earn from each NFT being resold on the secondary market.

5. Trump Media's financial product ambitions

Trump Media Group will launch a series of "America First" ETFs and a crypto Treasury portfolio through Truth.Fi starting in 2025. These ETFs will officially list on the New York Stock Exchange (NYSE) on December 30, 2025, jointly launched by TMTG and Yorkville America Equities (a branch of Yorkville Advisors). The initial five ETFs are all equity-themed funds focusing on the "Made in America" concept, covering sectors such as defense, security, technology, energy, and real estate; only one is related to Bitcoin.

However, TMTG has indeed filed several pure crypto ETFs (such as the Truth Social Bitcoin ETF, Bitcoin & Ethereum ETF, and Crypto Blue Chip ETF). These funds plan to directly hold assets such as Bitcoin, Ethereum, Solana, and Cronos (CRO) (for example, the Crypto Blue Chip ETF initially allocated 70% BTC and 15% ETH). However, these crypto ETFs are still in the SEC filing/approval stage and have not yet been approved for listing or commenced trading.

However, Trump Media Group itself holds approximately 11,500 bitcoins, worth about $1.03 billion, ranking 12th among publicly traded companies' bitcoin reserves, and there are currently no records of them being sold.

The top four $TRUMP holdings will receive a Trump commemorative tourbillon watch

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