How a Trump Media deal with a crypto firm exposes potential conflicts of interest

Associated Press2025-12-16

Reporting cited here

documented
After the affordability promise, the Trump-controlled issuer put company cash and equity into volatile digital assets and later booked a $403.22 million related accounting loss. Shareholders carried that corporate risk; their aggregate realized losses are not established.
Investigative account of the Crypto.com relationship, Cronos treasury venture, company economics, federal regulatory context, and disclosed uncertainty
The DJT Bagholder Test — Audit finding · Cited analysis
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.
Investigative account of the Crypto.com relationship, Cronos treasury venture, company economics, federal regulatory context, and disclosed uncertainty
The DJT Bagholder Test — The record · The record
documented
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.
Investigative account of the Crypto.com relationship, Cronos treasury venture, company economics, federal regulatory context, and disclosed uncertainty
The DJT Bagholder Test — Evidentiary limit · Evidentiary limit