TikTok Refutes Claims of Acquiring Trump’s Official Meme Cryptocurrency

TikTok has officially refuted allegations that its Chinese owners are acquiring “Trump Coins,” the designated meme coin associated with President Donald Trump.

Key Takeaways:

• TikTok has rejected claims that its owners are purchasing Trump’s official meme coin.
• Representative Brad Sherman asserted a $300 million Trump Coin acquisition linked to TikTok, referencing GD Culture Group.
• Critics have questioned both Sherman’s cryptocurrency assertions and the rationale behind the purported meme coin investment.

The social media platform’s official policy account addressed the issue on Thursday via a post on X, labeling the allegations as “patently false and irresponsible.”

This response followed comments from California Democrat Brad Sherman, who claimed that TikTok’s parent company intended to buy $300 million worth of the Trump (TRUMP) meme coin.

“Congressman, asserting that TikTok’s owners are purchasing ‘Trump Coins’ does not accurately reflect a letter you signed last month,” the platform replied, pointing out discrepancies in Sherman’s statements.

Trump Grants TikTok Third Extension Amid Rising Political Tensions

The accusations surfaced shortly after Trump signed an executive order providing TikTok with a 90-day extension to secure a U.S. buyer, marking the third such postponement in the ongoing dispute over national security issues related to the app’s Chinese ownership.

Sherman, a prominent critic of both TikTok and cryptocurrencies, referenced reports involving GD Culture Group, a Nasdaq-listed company that generates AI-driven content on TikTok.

The firm reportedly announced intentions in May to invest $300 million into both TRUMP and Bitcoin. Despite its activity on the platform, GD Culture has no formal connections to TikTok or its parent company ByteDance.

Sherman described the meme coin investment as a “$300 million bribe” to Trump, claiming that the coin was created “at no cost.”

Critics quickly contested both the legal basis of his TikTok-related assertions and the economic rationale behind the meme coin comments.

Congressman, asserting that TikTok’s owners are buying “Trump Coins” is patently false and irresponsible and doesn’t even accurately reflect a letter you signed last month. https://t.co/8uxxPrKlzP

— TikTok Policy (@TikTokPolicy) June 19, 2025

The online backlash was immediate. Some users questioned Sherman’s credibility and accused him of advancing political agendas.

Others expressed skepticism about the practicality of developing a cryptocurrency without incurring costs related to development or liquidity.

Sherman has long advocated against the crypto industry, having previously called for a complete ban on digital assets.

In contrast, Trump and his associates have recently embraced cryptocurrency, promoting stablecoins as mechanisms to bolster the U.S. dollar’s global standing.

Trump Continues to Capitalize on Crypto Market Momentum

Meanwhile, Donald Trump continues to leverage momentum in the crypto market.

According to financial disclosures released last Friday, the former president generated $58 million from crypto-related activities in 2024, mainly through WLFI token sales.

This amount was second only to his hospitality revenue and is projected to increase further in 2025 with an expected $390 million token sale and profits from his meme coin, which was launched in January.

His engagement in Bitcoin mining, tokenized assets, and digital ETFs is raising concerns regarding potential conflicts of interest.

Critics have noted that some of his businesses have benefited from favorable policy decisions during his administration.

As reported, the SEC has approved Trump Media and Technology Group’s (TMTG) registration statement related to a $2.3 billion Bitcoin treasury initiative.

The June 13 filing encompasses 85 million shares, including 29 million associated with convertible notes.

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