Trump Media & Technology Group（DJT）週五宣布，正在考慮將旗下社群媒體平台 Truth Social 分拆為一家獨立上市公司，分拆後公司加密貨幣相關計劃的歸屬尚不明確，公司代表亦未就此作出說明。
Truth Social 分拆架構：SpinCo 與保留業務的拆分邏輯
根據 Trump Media 公告，分拆的核心邏輯是「透過創建多家各具獨特戰略的公司來創造股東價值」。具體架構為：Truth Social 及其他相關業務整合進 SpinCo，再與 Texas Ventures III 合併，形成獨立上市實體；部分資產則保留在 Trump Media 旗下，但公司未披露具體內容。
消息公布後，DJT 股票未見提振，當日跟隨大盤下跌約 2.10%，過去六個月累計跌幅約 40%，近期交易價格約 10.73 美元。
Trump Media 業務重組關鍵節點
SpinCo：整合 Truth Social 等社群媒體業務，計劃與 Texas Ventures III 合併
保留部分：部分資產繼續留在 Trump Media 旗下，具體內容未披露
TAE Technologies 合併：Trump Media 計劃中的電力聚變公司合併，SpinCo 分拆將在此前完成
DJT 股東回報：新實體股份將在合併前向現有 DJT 股東分發
加密貨幣策略的不確定性：比特幣 ETF 與空投代幣計劃現狀
雖然分拆後加密貨幣業務的歸屬尚不明朗，但 Trump Media 近一年在加密領域的動作相當密集。公司此前試圖在資產負債表中加入價值 20 億美元的比特幣及比特幣相關證券，去年分別申請比特幣 ETF 與加密貨幣藍籌 ETF（涵蓋以太坊、Solana 及 XRP 相關代幣）。
今年進一步提交了 Truth Social 品牌的比特幣與以太坊 ETF 聯合申請，以及以 Crypto.com 代幣 CRO 為核心的 ETF 申請，並與 Crypto.com 合作開發一種數位代幣，計劃空投給 DJT 股東以推動旗下業務採用加密支付。然而，雖然經紀商參與者提供股東資訊的截止日期已於本月初過去，該代幣至今尚未發放。
此次分拆公告後，這些加密貨幣計劃究竟歸屬 SpinCo 還是留在 Trump Media，目前完全不透明，是市場高度關注的核心不確定性。值得注意的是，Trump Media 旗下比特幣挖礦子公司 American Bitcoin 剛公布第四季淨虧損 5,945 萬美元，上年同期為盈利 348 萬美元，顯示比特幣價格疲軟對公司整體加密佈局的實質衝擊。
常見問題
Trump Media 分拆 Truth Social 的主要目標是什麼？
公告指出，分拆旨在透過創建多家各具獨立戰略焦點的公司最大化股東價值。 Truth Social 等社群媒體業務將整合至 SpinCo 並與 Texas Ventures III 合併，Trump Media 則專注其他業務，包括計劃中與 TAE Technologies 的合併。
Trump Media 的比特幣 ETF 申請與 Crypto.com 空投計劃受分拆影響嗎？
目前尚不明確。公司未披露加密貨幣相關計劃是歸屬 SpinCo 還是保留在 Trump Media，公司代表亦未回應相關詢問。此次分拆公告為這些計劃的走向增添了重大不確定性，持有 DJT 股票等待空投代幣的投資者尤需持續關注後續公告。
DJT 股票的表現如何反映市場評價？
消息公布後，DJT 股票當日跌約 2.10%，未見正面反應。過去六個月，DJT 股價累計下跌約 40%，目前交易價格約 10.73 美元，顯示市場對公司整體戰略方向的信心仍待恢復。
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