Trump family's new layout: mobile phone manufacturing and encryption ETF, business ambitions upgraded again.

Deng Tong, Golden Finance

Original Title: The Commercial Background under the Political Halo: Understanding Trump's "Made in America" Mobile Phones and ETF Layout

On June 16, the Trump family's business empire made two noteworthy moves again — the Trump Organization announced the launch of Trump Phone, and Truth Social's Bitcoin and Ethereum ETFs have submitted registration statements to the SEC.

What exactly is Trump Mobile? Can the dream of "Made in America" be realized? Why does Truth Social need to submit an ETF registration statement? Is Trump making money using the title of President of the United States? Through which industries is Trump making money?

1. Trump's Business Empire Expands with New Addition - Trump Mobile is Launched

1. Introduction to Trump Mobile

The Trump Organization plans to sell a gold "Made in America" smartphone for $499. According to information from the TRUMP official website, Trump Mobile will offer 5G services through three major mobile carriers. The core of Trump Mobile is its flagship product, The 47 Plan, which costs only $47.45 per month (hinting at Trump being the 47th and 45th president of the United States). Users will receive the following additional benefits:

• Unlimited calls, texts, and data;
• Complete device protection;
• Provides 24/7 roadside assistance through Drive America;
• Telemedicine services, including virtual healthcare, mental health support, and convenient ordering and delivery of prescription medications;
• Free international calls to over 100 countries, including many with U.S. military bases, to honor families who have bravely served our troops abroad with no contracts and no credit checks.

Donald Trump Jr., Executive Vice President of the Trump Organization, stated: "I am very excited to step into this brand new digital space, where hard-working Americans deserve wireless services that are affordable, reflect their values, and provide reliable quality they can trust. We are especially proud to offer free long-distance calling services for our military personnel and their families—because service members overseas should always be able to stay connected with loved ones back home."

2, Can the dream of "Made in America" be realized?

In addition to providing free long-distance calls for soldiers as a gimmick, the phone is also tied to the concept of 'Made in America.' But can his idea really be realized?

After Trump returned to the White House, he has been playing a long game—bringing manufacturing back to the United States. In fact, Trump has gone so far as to initiate a trade war to encourage American companies to reduce their dependence on foreign goods and return to domestic manufacturing, thereby "revitalizing American industry" and achieving the dream of "making America great again."

Supply chain experts believe that it is "almost impossible" to produce such a phone using components sourced entirely from the United States.

Professor Tinglong Dai of Johns Hopkins University believes, "There isn't even a working prototype. This is highly unlikely. You have to create miracles, you need economies of scale, and you must have sustainable demand for this product."

CCS Insight analyst Leo Gebbie pointed out that the United States currently "does not have the high-tech supply chain necessary for smartphone assembly," especially unable to timely release phones in August. "However, this device could potentially be assembled in the United States with components imported from abroad. This is likely the most probable outcome."

2. Truth Social launches ETF beachhead battle - has submitted BTC and ETH ETF registration statements to the SEC

1. Truth Social submits BTC, ETH ETF registration statement

Trump's social media platform Truth Social has submitted an S-1 form to the U.S. Securities and Exchange Commission to launch a dual exchange-traded fund for Bitcoin and Ethereum (ETF), sponsored by asset management company Yorkville America Digital.

The trust aims to provide investors with investment opportunities in Bitcoin and Ethereum by offering stock backed by crypto assets, thereby eliminating the complexities associated with direct investments.

According to the documents submitted to the SEC, 75% of the funds are directly allocated to Bitcoin, while the remaining 25% is allocated to Ethereum.

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The prospectus states that these shares are backed by BTC and ETH held by Foris DAX Trust Company, a custodian representing the trust, which operates under the name Crypto.com.

According to the document, the ETF stock is planned to be listed on the New York Stock Exchange Arca (NYSE Arca).

Although Truth Social has officially confirmed that Crypto.com will be its dedicated cryptocurrency custodian, the company has yet to finalize the details of the upcoming ETF, such as the fund's code and cash custodian.

2. Who will benefit from this?

25% of Ethereum's capital allocation aligns with the cryptocurrency activities of the Trump family. According to data from Arkham, 96% of the assets of the DeFi project World Liberty Financial, supported by this family, are on the Ethereum blockchain. Given World Liberty Financial's strong emphasis on Ethereum, this move aligns with the Trump family's cryptocurrency interests.

If approved, the Truth Social Bitcoin ETF and Truth Social Bitcoin & Ethereum ETF will enter a highly competitive market that is already dominated by a few well-known asset management firms like BlackRock, which has $72.5 billion in assets in its iShares Bitcoin ETF.

3. Is Trump using the presidential title for personal gain?

Issuing NFTs, speculating on memes, holding dinners, launching mobile phones, submitting ETF applications... Trump seems to be unstoppable on the road to making money.

The ethics watchdog believes that Trump's actions signify potential corruption and conflicts of interest.

As soon as the news about the Trump phone was released, Megan Faulkner, communications director of Citizens for Responsibility and Ethics in Washington (CREW), stated: "It is unbelievable that the Trump family has created yet another way to profit personally during President Trump's time in office."

Ethics experts believe that Trump formulates policies, while cryptocurrency may bring economic benefits.

In recent years, the Trump family business has grown large and continues to expand—including long-held real estate and casino assets, as well as recent ventures into cryptocurrency—raising concerns about the president's disregard for ethical norms during his tenure. Although the White House has consistently denied this. Press Secretary Caroline Levitt previously stated that it is "absurd" to suggest that Trump is "acting in his own interest," and the White House has always adhered to "the highest ethical standards." The White House stated that the president is isolated from the business that bears his name—he has transferred approximately $4 billion worth of Trump Media shares to a trust controlled by his son, Donald Trump Jr.

4. How is Trump making money?

According to recently released financial documents, Trump has earned millions from his family's cryptocurrency business, private golf club, and sales of various goods ranging from Bibles to watches, expanding his business empire through his political status. Below is specific information on the assets and liabilities disclosed for the first time after Trump's return to the White House:

• Cryptocurrency: One of Trump's largest sources of income disclosed is the sale of tokens worth $57 million through WLF Holdco LLC. Trump also holds Ethereum valued at approximately $1 million to $5 million.
• Royalties: Trump has entered into various licensing agreements with companies that sell products using his name, image, and likeness (ranging from sneakers to watches), generating millions of dollars in royalties for him.
• The Bible: Trump earned over $1.3 million from the "God Bless the USA" Bible by Lee Greenwood. During the 2024 campaign, Trump released a video calling on supporters to purchase this Bible to "make America pray again."
• Sneakers and perfume: earned 2.5 million dollars.
• Watch: The sale of "Trump Watches" earned $2.8 million.
• Guitar: A "45" guitar earned over $1 million.
• Private Club: The main highlight is the flagship property, Haihu Manor, which has revenue slightly above 50.1 million USD, lower than the approximately 57 million USD reported last year.
• First Lady: Information on the speaking fees earned by Melania Trump during last year's campaign: In July, she spoke in New York with the "Log Cabin Republicans," representing LGBTQ conservatives, and received $475,000. She also earned nearly $217,000 by selling NFTs (non-fungible tokens).

V. Conclusion

From never supporting cryptocurrency to becoming the first "crypto president" in American history; from NFTs and memes to Trump phones and ETFs... Trump has always stood at the forefront of the wealth-chasing wave. On one hand, there is the political halo, and on the other hand, the background of being a businessman. Does the Trump family's current layout truly reflect Trump's hope to realize the manufacturing return dream of "Made in America," or is it merely a gimmick for making money and hype? Can the ETF of Truth Social compete with giants like BlackRock? Where will this businessman president lead America? These questions may still require the test of time.

Sources: Golden Finance, TRUMP official website, BBC, Bloomberg, CNN, CoinTelegraph, etc.