#特朗普比特币金库 • Stock Price Volatility: After the announcement, TMTG's stock price soared 18% in pre-market trading, but closed down 12% on the same day, with a cumulative decline of 31% for the year. The market questions its financial sustainability (revenue of only $820,000 in Q4 2024, with a loss of $32 million).

• Regulatory and Trust Crisis:

◦ Previously, TMTG denied the Financial Times report on a $3 billion financing plan, but the next day officially announced a similar plan, raising transparency concerns.

◦ The Trump family has been accused of using public power to empower private business interests, such as raising over $2 billion in market value through token issuance (with 90% of investors losing money), and the "public-private linkage" of White House policies and family business strategies.

• Technical Risks: If Bitcoin's price fluctuates significantly or if mNAV (the ratio of stock price to Bitcoin value) falls below 1.0, TMTG may face a balance sheet crisis. Additionally, the potential threat of quantum computing to crypto assets has also been mentioned (such as vulnerabilities in old wallets).