Original | Odaily Planet Daily (@OdailyChina)
Author | DingDang (@XiaMiPP)
On January 20, Trump Media & Technology Group (NASDAQ:DJT) announced that the record date for its previously disclosed digital token plan is set for February 2, 2026. Ultimate beneficial owners and registered shareholders holding at least one full share of DJT stock on this record date will be eligible to receive the future issuance of digital tokens and accompanying incentives. Following the record date, Trump Media will partner with Crypto.com to handle the minting and distribution of the tokens, with specific execution mechanisms still to be disclosed.
In form alone, this appears more like a crossover experiment between crypto and traditional finance: although it's an airdrop, the recipients are not crypto players but stock market investors. However, whenever "Trump family + token issuance" is involved, it's hard not to stir market nerves.
After all, Trump has always been adept at "handling" crypto retail investors; the spectacle of the last TRUMP token issuance is still fresh in memory. It created wealth for a large number of people but was subsequently accused of sucking dry market liquidity, as the broader market experienced a sharp correction afterwards. This time, the DJT shareholder token plan represents the Trump family playing a new花样 (trick/variation) on top of financialization and securitization, yet it somehow evokes a familiar feeling of being harvested, doesn't it?
Since Trump began his second presidential term, his public stance has clearly shifted towards being crypto-friendly: on one hand promoting regulatory framework development, and on the other, his family business has simultaneously accelerated its expansion pace within the crypto industry. Over the past year, crypto assets have become a non-negligible component of the Trump family's wealth structure, systematically building a crypto industry network spanning DeFi, stablecoins, hash rate, and publicly traded financial products.
Recent reports indicate that crypto-related projects have added approximately $1.4 billion to the Trump family's规模 (scale/assets) within a year. Within an overall net worth of about $6.8 billion, the proportion of crypto assets has risen to nearly 20% for the first time.
Based on this, Odaily Planet Daily attempts to conduct a systematic inventory of the Trump family's current trackable major crypto布局 (layout/arrangements).
1. World Liberty Financial: Core DeFi Hub
This is the core crypto project within the Trump family's industry布局 (layout). 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 yield opportunities, while emphasizing the role of USD stablecoins in the global digital financial system.
The project was initiated in 2024 by Trump himself, his sons Donald Trump Jr. and Eric Trump, in conjunction with real estate developer Steve Witkoff and other partners.
The governance token for World Liberty Financial is WLFI, with a total supply of 10 billion tokens and a current market cap of approximately $4.7 billion. The token sale commenced in October 2024, raising a total of approximately $550 million. According to the circulated profit distribution structure, about 75% of the net proceeds from the sale belong to Trump family entities, meaning this single item alone may bring them about $400 million in cash returns.
In terms of token allocation, the family-linked company DT Marks DeFi LLC holds approximately 2.25 billion WLFI, accounting for 22.5% of the total supply. At the current price of about $0.17, its book value is approximately $380 million.
More noteworthy is its stablecoin, USD1.
USD1 employs a 100% reserve-backed mechanism primarily composed of short-term U.S. Treasuries, cash deposits, and money market funds. Defillama data shows that the current market cap of USD1 is approximately $3.2 billion, ranking seventh among stablecoins. For a stablecoin that was only issued in April 2025, its growth rate is astonishing.
The most critical boost factor is the deep integration and traffic support from Binance. On the BSC chain, the supply of USD1 is about $1.83 billion, accounting for 57.8% of its total issuance scale.
If we assume a reserve scale of about $3 billion and short-term U.S. Treasury annualized yields in the 3.5%–4.5% range for 2026, the interest income generated solely from the reserve assets 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 USD cash flow. For the Trump family, it's nothing short of a long-running "interest machine."
2. American Bitcoin Corp.: Dual Drivers of Hash Rate and Reserves
American Bitcoin Corp (NASDAQ: ABTC) is a Bitcoin mining and strategic reserve company, controlled by Hut 8 Corp, one of North America's largest listed mining companies, and operated in cooperation with the Trump family. Hut 8 holds approximately 80% equity, while Eric Trump, Donald Trump Jr., and early shareholders of American Data Centers collectively hold the remaining 20%. Eric Trump personally holds a direct stake of about 7.4%-7.5%.
The company is not merely an investment vehicle but operates several large mining farms located in Texas and elsewhere. In November 2025, Eric Trump showcased a mining farm in Texas in a public video, deploying about 35,000 mining machines, and stated this was only part of their overall hash rate, implying American Bitcoin Corp's holdings likely far exceed 35,000 units. He claimed daily output constitutes about 2% of the global daily new Bitcoin production. From the context, it's inferred the company produces approximately 9 Bitcoins daily (global daily new production is about 450), amounting to an annual production of roughly 3285 Bitcoins.
According to American Bitcoin's Q3 2025 financial report, revenue was approximately $64.2 million, with a net profit of about $3.5 million, reversing a loss of $576,000 in the same period last year. Q3 mining output was 563 Bitcoins. Back-calculating, the average Bitcoin price during the period was around $114,000. If prices fluctuate around the current ~$89,000 range, profitability would clearly be compressed, potentially even resulting in losses.
Data from bitcointreasuries.net shows that American Bitcoin Corp's accumulated Bitcoin reserves, through mining and market purchases, currently total 5,427 Bitcoins, valued at approximately $486 million, placing it within the top twenty listed companies by Bitcoin reserves.
However, the company doesn't fully pay for new miners with cash but uses a "BTC collateral + installment/guarantee" structure,抵押 (mortgaging/using) part of its own Bitcoin as collateral to acquire equipment from miner manufacturers and defer payment. The抵押 (mortgaged/collateralized) BTC规模 (scale/amount) disclosed in Q3 was approximately 2,385 Bitcoins, 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 cycle of "mining output → partial抵押 (collateral) financing for new miners → increased hash rate → more mining output" can amplify capital returns in an upward Bitcoin price trend; conversely, it also amplifies operating leverage during bear markets.
3. TRUMP & MELANIA Tokens: Political IP Traffic Monetization
Compared to the infrastructure-type布局 (layouts) above, TRUMP and MELANIA represent direct monetization utilizing the Trump family's brand influence and market hype effect (speculation).
TRUMP was launched by Trump-associated companies CIC Digital LLC and Fight Fight Fight LLC. The total token supply is 1 billion tokens, with an initial circulation of 200 million. The remaining 800 million are expected to unlock linearly over 3 years. However, the two associated entities hold 80% of the TRUMP tokens, with a lock-up period of 3-12 months, followed by gradual release over 24 months.
According to tokenomist data, TRUMP's current circulating supply is 480 million tokens. Of these, 200 million were used for airdrops and liquidity support and were unlocked directly at initial circulation; the remaining 280 million are owned by Trump-associated companies. At the current price of $4.86, this represents paper profits of approximately $1.36 billion, even though the current TRUMP price has fallen over 90% from its peak of $77.
MELANIA is marketed by MKT World LLC, a Florida-registered company owned by First Lady Melania. The total supply is also 1 billion tokens, with approximately 600 million currently unlocked. The team's share is 350 million, worth about $57.8 million at the current price.
However, the Melania team was once accused of selling at highs and defrauding investors. In June 2025, on-chain data showed that team-related addresses sold 82.18 million MELANIA through 44 wallets over 4 months, primarily by adding and removing liquidity,累计 (cumulatively) cashing out 245,000 SOL, worth approximately $35.76 million at the time. One can imagine their actual profits likely far surpass the current data.
4. Trump Digital Trading Cards Series NFT
NFTs were Trump's entry point into the crypto world.
In December 2022, Trump announced the issuance of Trump Digital Trading Card NFTs via his social media site Truth Social. The series was minted on the Polygon blockchain, initially creating a total of 45,000 NFTs priced at $99 each. Purchasing 45 digital trading cards would earn a ticket to dinner with Trump. Although mocked at the time, the series sold out in less than two days, directly profiting $4.45 million.
Following the success of the initial sale, Trump subsequently launched Series 2 and Series 3, still priced at $99 per card. However, Series 2 totaled 47,000 cards, and Series 3 reached 100,000 cards. Despite the夸张 (exaggerated/outrageous) quantities, they ultimately sold out through Trump's花样 (tricks/varied)玩法 (play/methods),累计 (cumulatively) generating an additional approximately $14.55 million from these two sales.
In August 2024, Trump launched Series 4, still priced at $99 per card, but with an离谱 (absurd/ridiculous) total of 360,000 cards. This time, however, the market couldn't absorb it. Opensea data shows the series sold approximately 32,000 cards, profiting about $3.18 million.
Overall, this NFT series has still brought Trump direct revenue of over $20 million, and this does not include the 10% royalty earned on each NFT secondary market transaction.
5. Trump Media's Financial Product Ambitions
Since 2025, Trump Media Group has launched the "America First" series of ETFs and crypto treasury布局 (arrangements) through Truth.Fi. These ETFs officially listed on the New York Stock Exchange (NYSE) on December 30, 2025, launched jointly by TMTG and Yorkville America Equities (a branch of Yorkville Advisors). The first batch consists of five ETFs, all equity-themed funds focused on the "Made in America" concept, covering defense, security, technology, energy, and real estate sectors, with only one related to Bitcoin.
However, TMTG has indeed filed for multiple pure-crypto ETFs (such as Truth Social Bitcoin ETF, Bitcoin & Ethereum ETF, Crypto Blue Chip ETF). These funds plan to directly hold assets like Bitcoin, Ethereum, Solana, Cronos (CRO), etc. (e.g., the Crypto Blue Chip ETF initial allocation is 70% BTC, 15% ETH, etc.). But these crypto ETFs are still in the SEC filing/approval stage and have not yet been approved for listing or begun trading.
Nonetheless, Trump Media Group itself holds approximately 11,500 Bitcoins, valued at about $1.03 billion, ranking 12th among listed companies by Bitcoin reserves, with no record of sales yet.
