Trump Media & Technology Group launched its Truth API for institutional customers on August 1, offering trading firms rapid, machine-readable access to posts from influential Truth Social accounts, including President Donald Trump’s account. The paid data feed provides posts within milliseconds and a searchable archive dating to 2022. Pricing reportedly ranges from $60,000 to $100,000 per month, though the company has not published an official price list.
Interim CEO Kevin McGurn described the product as providing a "direct, licensed, real-time feed of the platform’s most market-moving Truths." However, the launch drew immediate criticism. Senators Adam Schiff and Elizabeth Warren asked the SEC to investigate whether the feed violates federal securities laws, arguing that presidential posts could constitute material nonpublic information and that Trump’s 41% stake in the company creates a conflict of interest. The SEC has not announced an investigation.
Meanwhile, on-chain data shows wallets linked to Trump Media moved 2,628 BTC (about $165 million) to Crypto.com in two early August transactions. After the transfers, tagged wallets held approximately 4,261 BTC, a balance that closely matches the 4,260.73 BTC pledged as collateral for the company’s convertible notes, which are restricted until maturity in 2028. Company representatives maintained that no sale occurred, suggesting the move may have been a custody transfer. The next quarterly filing will clarify whether a sale and realized losses occurred.
Trump Media originally purchased 11,542 BTC for roughly $1.37 billion at an average price of about $118,522 per coin. According to Lookonchain, previous BTC sales from linked wallets averaged $74,855 per coin, resulting in estimated realized losses of $318 million, with paper losses on remaining holdings adding another $237 million. The company also holds 756 million Cronos tokens (CRO) tied to its partnership with Crypto.com. These digital asset positions contributed to a $405.9 million net loss in the first quarter against just $871,200 in revenue.
The confluence of the Truth API launch, SEC scrutiny, and the precarious state of Trump Media’s Bitcoin treasury has raised questions about the intersection of a president’s business interests, market-moving information, and crypto market stability.
