The DJT Bagholder Test — Evidentiary limit

Entities and roles

• America First Audit — The DJT Bagholder Testaudit case
• Donald J. Trumpcomparison subject

Claims and evidence

1. factdocumented

   Company-level digital-asset losses do not establish aggregate realized shareholder losses or a transfer of that amount to Trump; holder cost bases, trades, and the later value of the assets differ.

   • 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