The Daily: Trump makes over $57 million from WLFI sales, Truth Social files for Bitcoin and Ethereum combo ETF, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

I hope you had a good weekend, folks. Bitcoin edged higher to start the week, showing resilience in the face of ongoing geopolitical uncertainty as analysts point to “optimistic but measured” trader sentiment.

In today’s newsletter, Trump makes over $57 million from WLFI sales, Truth Social files for a Bitcoin and Ethereum combo ETF, Strategy picks up another $1 billion worth of bitcoin as Metaplanet hits 10,000 BTC, and more.

Meanwhile, a new survey from crypto exchange Kraken finds that 48% of respondents fear themselves as their biggest security risk.

Let’s get started.

Trump makes over $57 million from WLFI sales

Donald Trump made an income of $57.35 million from World Liberty Financial’s token sales in 2024, according to his latest public financial disclosure.

The filing revealed Trump owns 15.75 billion World Liberty governance tokens, providing potential voting power to its “chief crypto advocate” and co-founder emeritus.
Trump’s sons also hold co-founder positions at the DeFi project but do not hold officer, director, founder, owner, or operator roles.
World Liberty completed its most recent WLFI sale in March, raising $550 million from 25% of the token’s 100 billion total supply.
Another co-founder, Zak Folkman, has said that 63% of the total supply would eventually be sold to the public.
World Liberty has recently focused its efforts on promoting its U.S. dollar-backed stablecoin, airdropping the USD1 tokens to WLFI holders earlier this month.
However, Trump’s deep ties to World Liberty have drawn criticism from Democratic senators over potential conflicts of interest.

Truth Social, the social media platform run by Trump Media & Technology Group, filed a second crypto ETF application with the SEC on Monday, aiming to track both bitcoin and ether.

The proposed fund, sponsored by Yorkville America Digital, plans to allocate about 75% to bitcoin and 25% to ether, with the flexibility to adjust the ratio over time.
Foris DAX Trust Co. is listed as the fund’s custodian, as in Truth Social’s earlier single-asset Bitcoin ETF filing.
Truth Social joins Bitwise and Hashdex as the third firm to seek the agency’s approval for a spot Bitcoin and Ethereum ETF, while Volatility Shares and ProShares have also filed for futures-based versions.

Strategy bags $1 billion in bitcoin as Metaplanet hits 10,000 BTC

Strategy (formerly MicroStrategy) announced Monday it had acquired another 10,100 BTC for $1.05 billion, boosting its total holdings to 592,100 BTC — worth over $63 billion and the equivalent of more than 2.8% of bitcoin’s total supply.

The purchase was primarily funded by Strategy’s new perpetual Stride preferred stock, STRD, following an upsized $1 billion offering earlier this month.
Meanwhile, Japanese investment firm Metaplanet disclosed it had bought a further 1,112 BTC for $117.2 million, reaching the 10,000 BTC milestone and surpassing Coinbase Global’s holdings.
Metaplanet’s board of directors also approved a $210 million bond issuance as part of its broader goal to hold over 210,000 BTC by the end of 2027.

CoinShares joins VanEck, Fidelity, and others in race for spot Solana ETF

Crypto asset manager CoinShares has filed an S-1 with the SEC to launch a spot Solana ETF in the U.S., joining a growing list of firms racing for approval.

The CoinShares Solana ETF will use Coinbase Custody and BitGo Trust as custodians and plans to stake a portion of its SOL holdings.
CoinShares is now the eighth issuer to file for a spot Solana ETF, following amended filings from VanEck, 21Shares, Bitwise, Franklin Templeton, Canary Capital, Grayscale, and Fidelity.
Bloomberg Senior ETF Analyst Eric Balchunas expects potential approvals for Solana ETFs within two to four months, given the SEC recently requested updates from the prospective issuers.

Justin Sun-linked firm plots US IPO with TRX treasury strategy

A new firm advised by Justin Sun, Tron, Inc., plans to go public in the U.S. via a reverse merger with Nasdaq-listed SRM Entertainment and adopt a Strategy-style crypto acquisition model, but with TRX, according to the FT.

SRM said it entered into a $100 million equity investment deal with a private investor to initiate the TRX treasury strategy, valued at up to $210 million upon full exercise of associated warrants.
The move comes four months after regulators under the new pro-crypto Trump administration paused a fraud investigation into several of Sun’s companies.