Trump Media & Technology Group Launches Truth-Branded Utility Token and Digital Wallet
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Trump Media Reveals Plans for Truth Utility Token and Wallet
In a recent filing with the SEC, Trump Media & Technology Group has revealed plans to launch its own Truth-branded utility token and digital wallet. The move aims to enable users to pay for Truth+ subscriptions and eventually purchase additional products and services across the platform’s ecosystem.
Although the company is hesitant to label it as a cryptocurrency, the filing makes clear that it relies on blockchain infrastructure. This development comes after Trump Media invested $2 billion in Bitcoin in July, solidifying its position among the top five public BTC holders.
Trump Media reported positive operating cash flow of $2.3 million for Q2, but was weighed down by significant legal fees tied to its 2024 SPAC merger. The stock reaction was swift and negative, with shares plummeting 3.8% and closing at a market capitalization near $4.7 billion.
The move has been largely driven by the company’s fintech arm, Truth.Fi, which is poised to launch exchange-traded funds linked to Bitcoin, Ethereum, and a “crypto blue chip” index. However, the SEC has pushed its decision on these ETFs to September 18.
In other news, Trump Media’s Patriot Package, currently in beta, will grant subscribers “gems.” Over time, these points will convert into the utility token. According to President Devin Nunes, this feature is intended to shield users from alleged financial restrictions and discrimination by traditional institutions.
This development takes on a political dimension due to the over $26 million in donations President Trump has received from the sector, including significant contributions from Blockchain.com ($5 million), the Winklevoss twins, Paradigm, and Ondo Finance. Bloomberg estimates that TMTG stock adds $2.2 billion to Trump’s net worth, with his broader crypto holdings having earned at least $620 million recently.
Furthermore, approximately 70 administration officials hold cryptocurrencies or stakes in blockchain companies.
Source: crypto-economy.com
