Truth Social Considers Launching Crypto Token and Wallet
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.
Other products in the company’s “Truth ecosphere” include Truth Social, the preferred social media platform of the president that was built with the intention to “give the American people their voice back,” and Truth.Fi, the firm’s latest fintech brand, which already maintains a crypto connection.
Launched in January, Truth.Fi aims to offer investors access to “America-First” themed financial products by the end of this year, including the launch of customized exchange-traded funds (ETFs) that will contain a mix of cryptocurrencies and traditional equities.
According to the shareholder letter, Trump Media intends to invest alongside its shareholders in these financial products. The firm revealed in January that it would invest up to $250 million of its cash reserves into Bitcoin and similar crypto assets or crypto-related securities.
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.
The token has fallen 3% in the hour after the Truth Social shareholder letter was published and 11% in the last day, continuing its descent from an all-time high of more than $73 in January. TRUMP surged last week, however, when the president’s project revealed plans to reward top token holders with an exclusive dinner with Trump.
First Lady Melania Trump also has an official meme coin on 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.
Though the crypto tokens associated with the Trump name have dropped, shares of Trump Media Group showed no change in after-hours data from Yahoo Finance. At market close on Tuesday shares had fallen 3.29% to $24.98, a decline of more than 26% year-to-date.
The company will hold its annual meeting on Wednesday.
Editor’s note: This story was updated after publication with additional details.
Edited by Andrew Hayward