During the early phase of President Donald Trump’s second term, he and his family delved into various cryptocurrency initiatives, which included launching a decentralized finance firm and hosting an exclusive dinner for investors in an official Trump memecoin. Since then, the Trump family’s involvement in the crypto space has intensified, strengthening their connections to an industry currently lobbying for new regulatory frameworks from the administration and Congress.
Recent developments feature significant acquisitions of bitcoin, a cryptocurrency ETF, and a fragmented attempt to establish an official Trump crypto wallet.
The Wallet Controversy
The broad and somewhat disorganized approach taken by Trump’s family and associates within the crypto realm was highlighted earlier this month when the company associated with the $TRUMP memecoin announced the creation of an official “$TRUMP Wallet.” Such wallets are used in cryptocurrency to store the private keys required for transactions. They serve as digital—or sometimes physical—vaults for securely storing coins when not in use. This project was initially reported by journalist Molly White on June 3, and was soon verified by Magic Eden, the crypto firm collaborating on the wallet’s development.
The memecoin venture is co-owned by Fight Fight Fight, a limited liability company led by longtime Trump associate Bill Zanker, alongside Trump Organization affiliate CIC Digital LLC. Both entities earn transaction fees from the memecoin, and Trump has directly promoted the project. Reports also indicated that Fight Fight Fight was the creator of the $TRUMP wallet.
Later that same day, however, Donald Trump Jr., Eric Trump, and Barron Trump distanced themselves from the wallet project, claiming the Trump Organization and the family were not involved. Eric Trump stated, “This project is not authorized by @Trump. @MagicEden, I would be very cautious in using our name for a project unclear to our organization,” while Donald Trump Jr. hinted at an upcoming official wallet from World Liberty Financial, a project they are heavily involved in. Both announcements regarding the wallet were subsequently retracted.
It remains unclear how or why Fight Fight Fight pursued the wallet initiative without the Trump family’s consent, if that is indeed what transpired.
Expanding the Empire
Recent developments included Trump Media & Technology Group—the publicly traded company founded by Trump that owns Truth Social—announcing its entrance into the crypto space. In a press release dated May 27, the company stated plans to raise around $2.5 billion through the issuance of shares and secured notes to create a “bitcoin treasury.”
This initiative links the valuation of Trump Media & Technology Group’s stock—which constitutes a significant portion of Trump’s personal wealth, approximately $2.4 billion as of June 11—with the value of bitcoin held on its balance sheet. As Trump owns about 50 percent of the stock through a trust, decisions made by his administration regarding cryptocurrency could impact the stock’s value directly. The price of bitcoin tends to reflect general market sentiment, suggesting that Trump’s pro-crypto stance might positively affect bitcoin’s value—and, consequently, his personal wealth.
On June 5, the company also filed a registration statement with the SEC to launch a Truth Social Bitcoin exchange-traded fund (ETF), which would directly hold bitcoin and aim to mirror its price. An affiliate of Yorkville Partners, a New Jersey-based investment entity, will act as the registered investment adviser for this product.
This initiative follows Trump Media’s earlier announcement in January of launching a finance firm called Truth.Fi, which will offer financial products such as managed accounts, ETFs, and crypto-related securities. According to Trump Media CEO Devin Nunes, this strategy aims to develop “American First investment vehicles” to protect citizens against perceived threats from Big Tech and other corporations.
