Although the ownership of crypto-related businesses remains unclear after the spin-off, Trump Media has been very active in the crypto space over the past year The company previously attempted to include $200 million worth of Bitcoin and Bitcoin-related securities on its balance sheet, and last year applied for Bitcoin ETFs and a blue-chip crypto ETF covering Ethereum, Solana, and XRP tokens This year, it further submitted joint applications for Bitcoin and Ethereum ETFs under the Truth Social brand, as well as an ETF centered on Crypto com’s CRO token, collaborating with Crypto com to develop a digital token planned for airdrop to DJT shareholders to promote crypto payments within its ecosystem. However, despite the deadline for broker participants to provide shareholder information passing earlier this month, the token has yet to be distributed Following the spin-off announcement, the fate of these crypto plans—whether they belong to SpinCo or remain with Trump Media—is entirely opaque, representing a major uncertainty for the market Notably, Trump Media’s Bitcoin mining subsidiary, American Bitcoin, recently reported a net loss of $59.45 million in Q4, compared to a profit of $3.48 million in the same period last year, indicating that weak Bitcoin prices are materially impacting the company’s overall crypto strategy.