The DJT Bagholder Test — The record

Reporting and findings

1. documented

   Trump Media closed a purchase in which it transferred company shares and cash to Foris Holdings US for Cronos tokens, after separately accumulating Bitcoin in the third quarter.

   • U.S. Securities and Exchange Commission: Trump Media & Technology Group Corp. Form 8-K: Cronos purchase agreementItems 1.01 and 8.01: August 26 purchase and closing; 2,797,985 shares plus $50 million cash exchanged for 684,427,004 CRO valued at approximately $105 million
   • U.S. Securities and Exchange Commission: Annual Report on Form 10-K for the year ended December 31, 2025Consolidated Statements of Operations; risk factors on volatility, dilution, dividends, and beneficial ownership
   • Associated Press: How a Trump Media deal with a crypto firm exposes potential conflicts of interestInvestigative account of the Crypto.com relationship, Cronos treasury venture, company economics, federal regulatory context, and disclosed uncertainty
2. documented

   The SEC filing identifies Donald Trump as indirect beneficial owner through his revocable trust.

   • U.S. Securities and Exchange Commission: Annual Report on Form 10-K for the year ended December 31, 2025Consolidated Statements of Operations; risk factors on volatility, dilution, dividends, and beneficial ownership