Trump personally profits $57.3 million annually from the token sale managed through the family holding company World Liberty Financial (WLF), accounting for 95% of his non-political income. His publicly traded company Trump Media (DJT) received SEC approval for $2.3 billion in financing, planning to purchase 18,800 bitcoins (approximately $2 billion), which would make it the third largest corporate holder of bitcoin globally (after MicroStrategy and Tesla).

Analysis by Qin Ge

Dual-line harvesting logic:

On a personal level: 75% of WLF token profits belong to the Trump family, but the tokens are not tradable, criticized as “pseudo-decentralization”; Meme coin $TRUMP may have implicit earnings of up to $100 million, combined with NFT sales forming a crypto cash cow.

On a corporate level: Using political narratives (SEC chair appointments/national bitcoin reserve plans) to drive financing for coin purchases, replicating MicroStrategy's “debt issuance for coin purchase → stock price increase” loop, but with higher financial risks (annual losses of $400 million, if BTC drops to $50,000, the company's net assets would be zero).

The essence of regulatory arbitrage:

Policy tilt: SEC halts crypto lawsuits, promotes state-level bitcoin investment legislation (total scale of $23 billion);

Interest binding: The president’s call to “buy DJT” led to a single-day stock price increase of 28%, deeply intertwining policy with family business.

Market warnings:

Retail investors following the trend saw over $3 billion in monthly trading volume for $TRUMP, but WLFI token liquidity is locked;

DJT's stock price has dropped 42% this year, with revenue only $3.6 million, and its valuation entirely dependent on bitcoin prices.

Ultimate impact:

Political capital reshapes the crypto power structure—national bitcoin reserve plans may inject $25 billion, but the Trump model will distort “decentralized belief” into a “policy arbitrage tool,” potentially leading to regulatory backlash and grassroots trust collapse in the long term.