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#2 | Posted by jpw at 2025-11-07 01:23 PM
Is it even meant to be a profitable business and not merely a front or money laundering operation?

No, they don't care about "losses" from operations, which are mostly salaries and distributions to insiders.

All Trump's family new crypto-related companies (DJT/Trump Media, ABTC / American Bitcoin, WLFI etc.) are essentially pump-and-dump "crypto treasury companies" (like MSTR / Strategy, formerly MicroStrategy) which buy Bitcoin and other "coins" (including Trump-owned coins, like $WLF etc.) mostly with borrowed or "invested" money by people who expect favors from King Donald while he occupies White House, with some "expectation" that the price of the coins or the stock will go up.

Same thing as Don Jr's PEW / Grab-a-Gun Digital few months ago - converted to "crypto treasury company" immediately upon going public which crashed the price on Day 1, and few days later distributed $20M in available cash - the company's "value" is whatever is in its coins - might as well speculate on price of Bitcoin or other "coins" without overhead.

More companies with no business are doing this, but their price is essentially tied to whatever the price of coins in a portfolio... and recently cryptos, including Bitcoin, were starting to crash, so these "treasury" companies stocks are diving.
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