The story involves a $300 million purchase of Trump’s official memecoin. But the Chinese tech giant was quick to push back on the claims.

TikTok: “False and Irresponsible Accusation”

Democratic Representative Brad Sherman accused the Chinese owners of TikTok of buying “Trump Coins” as a political bribe. However, TikTok’s official policy account on X sharply denied the claim, calling it false and misleading.

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“This is patently false and irresponsible, and doesn’t even reflect a letter you signed last month,” the company said in a public statement.

GD Culture Group Creates Confusion

Sherman’s claim may have stemmed from reports about Nasdaq-listed GD Culture Group announcing plans to purchase Trump memecoin and Bitcoin. While GD Culture produces AI-driven content on TikTok, it has no formal affiliation with TikTok or its parent company ByteDance.

Still, Sherman linked these announcements directly to TikTok, suggesting they represented a disguised financial favor to Trump. The lack of evidence for any such connection raised eyebrows across the political and crypto communities alike.

Community Pushback Against Sherman’s Claim

Sherman is known for his anti-crypto stance, previously calling for a blanket ban on digital assets. His recent comments were quickly dismissed by much of the online community, who questioned his grasp of crypto mechanics and motivations.

Some users criticized the accusation as politically charged misinformation, while others highlighted that cryptocurrencies cannot simply be created “at no cost.”

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Donald Trump’s social media platform Truth Social’s parent company, Trump Media & Technology Group (TMTG), has taken a concrete step toward the digital asset market. The company filed applications in Nevada for two cryptocurrency exchange-traded funds (ETFs) named “Truth Social Bitcoin ETF” and “Truth Social Ethereum ETF.” Subsequently, on June 5, 2025, these two ETFs were officially registered as “local business trusts.” This registration is considered one of the most fundamental steps required for the funds to operate within a legal framework. 

This move is part of TMTG’s strategy to integrate into the crypto market. The management of the ETFs is handled by Yorkville America Digital, which previously worked with TMTG. 

The main goal is to provide investors with direct access to Bitcoin and Ethereum, making entry into the crypto market easier. All these efforts support the company’s aim to develop digital financial products under the “Truth.Fi” brand. TMTG had previously filed trademarks for similar financial products. 

Trump Enters Crypto Market with Yorkville Partnership 

The partnership with Yorkville America Digital is notable. On June 3, 2025, Yorkville submitted Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) for the listing of the Truth Social Bitcoin ETF on NYSE Arca. This filing proposes a rule change. The SEC must respond within 240 days. 

Additionally, Yorkville also submitted Form S-1, which includes all structural details of the ETF, to the SEC. Contrary to the usual filing order, the S-1 was submitted after Form 19b-4 in this process. Nevertheless, both filings are crucial parts of the regulatory process. 

However, SEC approval is mandatory for these steps to come into effect. U.S. laws require regulatory compliance for ETF products to be traded. At this point, the influence of the Trump family in the crypto market is also taken into account. Trump’s previous memecoin launches and crypto-friendly statements have sparked conflict-of-interest debates. 

In summary, TMTG’s Bitcoin and Ethereum ETF applications mark an important step for the company in the digital economy. Still, the products’ availability to investors will depend on regulatory approvals and market conditions. 

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