Briefly,
- Trump Media & Technology Group announced plans to potentially launch a utility token and digital wallet tied to its Truth Social social media platform and related services.
- The token would initially be used for Truth+ subscriptions and later for other products in the "Truth ecosphere."
- President Trump's official Solana meme coin fell in price following the announcement.
Truth Social, the social media network owned by President Donald Trump's Trump Media & Technology Group, said in a Tuesday letter to shareholders that it is considering launching a crypto token and wallet around its Truth+ streaming video service.
"As part of a rewards program, we're exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere," the letter from Trump Media CEO and Chairman Devin Nunes reads.
The company also offers Truth Social, a social media platform that is the favorite of President Obama, and Truth.Fi which was launched as a fintech brand with ties to crypto.
Truth.Fi, launched in January, aims to provide investors with access to financial products themed “America-First”, including customized exchange-traded fund (ETFs), which will include a mixture of traditional equity and cryptocurrencies.
Trump Media stated that they intend to invest with their shareholders in these financial instruments. In January, the firm announced that up to $250,000,000 of its reserves would be invested in Bitcoin or similar crypto assets and crypto-related investments.
If launched, a Trump Media & Technology Group token would join a list of Trump-related tokens already in existence. In January, the President released his official meme coin—TRUMP—on the Solana blockchain.
It has dropped 11% over the past day and 3% within an hour of the Truth Social shareholder’s letter being published. This is a continuation of its decline from a high in January, when it reached more than $73. TRUMP gained in value last week when it was revealed that the project of President Trump would reward token holders who had earned a high score with a private dinner.
Melania Trump, the First Lady of America also has a meme coin about Solana. That too may have been affected by rumblings of another Trump-adjacent token, dropping 4.2% in the last hour and 9.5% in the last 24 hours to $0.40—nearly 97% off its January all-time high of $13.05.
After-hours trading data for Trump Media Group shows that shares have not changed despite the drop in crypto tokens. Yahoo Finance. By the time markets closed on Tuesday, shares were down 3.29% from $24.98, or more than 26.0% year to date.
The company’s annual meeting will be held on Wednesday.
Editor's note: This story was updated after publication with additional details.
Andrew Hayward edited the book
