Not necessarily. He's clearly dodging around some kind of issue with posting the NYC bond, other the quite reasonable not wanting to tie up cash or liquidate assets he probably won't be able to recover if he should prevail on appeal, because it doesn't all need to come from one place, or bond provider. He can use a combination of cash, stocks, and other assets, spread across multiple bond providers to get to the total. That almost certainly results in a higher total amount lost in fees, but it's better than nothing. The DWAC stock could be used as collateral, to be returned as stock if he prevails, and only used to make up a shortfall of anything else he can use - cash, stocks, assets, whatever, with other bond providers to get to the total.
Besides, DWAC is mostly financed by Trump backers and a lot of the stock will probably be sold to other true believers. Anyone else buying in at IPO is almost certainly hoping the price will immediately spike so they can quickly bail and make a truck load of cash while leaving someone else holding the bag, just like any other IPO. Given that, Trump could only hold one share, and the chances are still pretty reasonable that if he said "Jump!" most of the board and the stockholders are going to ask "How high?"