4E: Trump Media reports a Q2 loss of $20 million, plans to launch utility tokens and digital asset ETFs

ChainCatcher message: According to 4E observations, Trump Media, the parent company of the social platform Truth Social, reported a net loss of $20 million in the second quarter of 2025, with approximately $15 million attributed to legal fees related to the SPAC merger. Following the earnings report, the stock price dropped by 3.8%. The company purchased $2 billion worth of Bitcoin earlier this month, becoming the fifth largest publicly traded holder of Bitcoin globally. It plans to launch a utility token that binds the Truth Social and Truth+ platforms and has submitted an application for a digital asset ETF, with the review period extended to September 18.

Bitcoin's price has temporarily pulled back from $119,800 to $112,000. CryptoQuant analysts noted that rising risk aversion and intensified institutional buying are at play, with key support levels resting in the $110,000--$113,000 range. If this support holds, the market may retest the $119,000--$122,000 range; otherwise, it faces the risk of a pullback.

Glassnode data shows that the proportion of open contracts for Ethereum has risen to nearly 40%, with speculative focus continuing to shift towards ETH. Meanwhile, U.S. ADP employment figures fell short of expectations, and the probability of a Federal Reserve rate cut in September surged to 80.3%. Gold prices are rising, and the VIX remains low, suggesting that U.S. stocks and the crypto market may be entering a new phase of volatility.

4E reminds investors: Currently, the correlation between crypto assets and macro policies is becoming increasingly tight, and it is essential to be vigilant about potential market sentiment reversals and short-term impacts from policy maneuvering.