4E: Trump Media lost $20 million in Q2, plans to launch utility token and digital asset ETF

On August 4th, according to 4E observation, Trump Media, the parent company of Trump's social platform Truth Social, suffered a net loss of $20 million in the second quarter of 2025, of which about $15 million was legal fees related to the SPAC merger. After the financial report was released, the stock price fell 3.8%. The company purchased $2 billion worth of bitcoin at the beginning of this month, ranking among the world's fifth largest listed bitcoin holders. It plans to launch utility tokens bound to the Truth Social and Truth + platforms, and submit digital asset ETF applications. The review period is temporarily postponed until September 18.
The price of Bitcoin has temporarily corrected from $119,800 to $112,000. CryptoQuant analysts pointed out that the rising risk aversion and the institutional buying game have intensified, and the key support is in the range of $110,000-113,000. If it remains stable, the market is expected to re-test $119,000-122,000; otherwise, it faces the risk of a correction.
Glassnode data shows that the proportion of Ethereum unpositioned squaring contracts has risen to nearly 40%, and the speculative focus continues to tilt towards ETH. At the same time, the US ADP employment is less than expected, the probability of the Federal Reserve cutting interest rates in September jumped to 80.3%, gold is higher, and VIX is at a low level, suggesting that the US stock and crypto markets may usher in a new round of volatility.
4E reminds investors that the current linkage between cryptoassets and macro policies is becoming increasingly close, and they need to be vigilant against the short-term impact of market sentiment reversals and policy games.