On May 2025, Trump Media & Technology Group (TMTG) announced a $2.5 billion Bitcoin treasury plan, financing it through the issuance of $1.5 billion in common stock and $1 billion in zero-coupon convertible bonds, aiming to incorporate Bitcoin into its balance sheet as a strategic reserve asset. This move emulates MicroStrategy's 'Bitcoin treasury' model, attempting to enhance company valuation through cryptocurrency binding and support its Truth Social platform payment system and token ecosystem. The plan is linked to the 'America First' cryptocurrency policy promoted by the Trump administration, including an executive order signed in March to establish a strategic Bitcoin reserve. However, the market reacted severely, with TMTG's stock price dropping 10.38% in a single day, and the volatility of Bitcoin prices, weak corporate financial fundamentals, and regulatory risks sparked controversy.