#特朗普比特币金库 Recently approved by the U.S. SEC, TMTG plans to raise $2.3 billion through an S-3 filing to establish an enterprise-level Bitcoin treasury, intending to use 56 million shares and 29 million convertible notes for reserve allocation, becoming one of the largest Bitcoin holders among publicly traded companies. This move closely follows the Trump administration's March executive order on 'strategic Bitcoin reserves'—incorporating 200,000 Bitcoins held by the federal government into the national digital asset reserves.
The dual faces of policy and private interests: 1. A radical shift in political strategy.
Trump's journey from labeling Bitcoin as a 'fraud' to promoting the U.S. as the 'crypto capital' clearly indicates a loosening of regulations. His establishment of a national strategic reserve, halting SEC cryptocurrency enforcement cases, and setting up regulatory working groups aim to compete for global crypto dominance. However, the national reserves only accept confiscated assets and refuse to use taxpayer funds, facing criticism for lacking actual financial support.
2. Personal wealth being realized through cryptocurrency:
Trump's concurrent financial disclosures show he profited $57.36 million (over 400 million RMB) through holding shares in the cryptocurrency platform World Liberty Financial, with additional contributions of nearly $1 billion in book profits from NFTs, Trump Coin (TRUMP), and other crypto projects. The deep intertwining of presidential identity and business interests raises ethical concerns about public officials profiting from their positions.
The reality dilemmas behind the treasury.
- Speculative nature of corporate treasuries: TMTG's Bitcoin reserves, although modeled after Tesla and MicroStrategy, have weak profitability in its core business (Truth Social, etc.), raising doubts that financing is merely a 'concept monetization.' After SEC approval, investors can resell restricted shares for profit, which may exacerbate market volatility.
- Hollowing out of national reserves: Trump once suggested 'paying off $35 trillion in national debt with cryptocurrency,' but experts point out that cryptocurrencies lack liquidity support as sovereign debt instruments, and the U.S. government's reserves only hold currency without purchasing, resulting in minimal market impact.
- Risks of regulatory compromise: SEC Chairman Gary Gensler's suspension of enforcement and shift towards an 'industry-friendly' framework is essentially a political compromise. The crypto industry spent $130 million lobbying during the elections, and loosening regulations may lay the groundwork for systemic financial risks. The ultimate winners in the crypto power game.
Trump packages the national and corporate crypto strategy in a 'digital Fort Knox' narrative, essentially experimenting with converting personal political influence into economic privilege. With the presidential family becoming the largest beneficiaries and a 39% approval rating (the lowest in 80 years) reflecting public concerns, this treasury frenzy will ultimately test whether America's crypto hegemony ambition devolves into a capital game serving a small elite.