Trump Takes Tech & Crypto by Storm
Dive into the Latest Update on Trump Media & Technology Group's Crypto Push
Trump-Linked Media Company Unveils Cryptocurrency Token and Digital Wallet Initiative
Exciting news for Truth Social enthusiasts! Trump Media & Technology Group (TMTG), the powerhouse behind the preferred social media platform of former president Donald Trump, is stepping into the digital currency sphere. In a recent turn of events, TMTG is contemplating launching a utility token and a digital wallet for its Truth Social platform and associated services.
The Lowdown: Truth's New Crypto Offerings
In a shareholder letter released on Tuesday, CEO Devin Nunes spills the beans on the company's plan to introduce a utility token within a Truth digital wallet. The token will initially serve as the mode of payment for Truth+ subscription costs and, later on, be used for various services within what Nunes calls the "Truth ecosphere."
Currently, Truth Social, Trump's go-to social media platform, and Truth.Fi, the company's fintech brand, make up the Truth ecosphere. Truth+, the company's streaming video service tailored to conservative viewers, debuted in October 2024.
This isn't TMTG's first foray into the world of cryptocurrency. In January, the company announced intentions to invest up to $250 million of its cash reserves into Bitcoin and related crypto assets or crypto-related securities.
Trump's Expanding Crypto Portfolio
President Trump has shown a keen interest in digital currencies since he took office in 2025. His official meme coin, TRUMP, launched on the Solana blockchain in January — just days before his inauguration.
The TRUMP token saw highs over $73 initially but has since seen a decline. After the Truth Social shareholder letter, the token dropped 3% within an hour and 11% over the day. However, last week, the price surged by nearly 66% in a single day following the announcement of a special dinner with the president for top TRUMP token holders.
First Lady Melania Trump also has her own Solana-based meme coin, which, like TRUMP, has experienced volatility since its inception. The token dropped 4.2% shortly after the Truth Social announcement and 9.5% over 24 hours, dipping to $0.40 — a stark contrast to its January high of $13.05.
Financing the Future: Truth.Fi's Plans for America-First Themed Products
Truth.Fi aims to give investors access to "America-First" themed financial products by the end of 2025. These products will comprise customized exchange-traded funds (ETFs) containing both cryptocurrencies and traditional equities.
TMTG has already inked deals with crypto exchange Crypto.com and asset manager Yorkville America Digital to launch these "Made in America" themed ETFs. The company intends to invest alongside its shareholders in these financial products.
While Trump relinquished 59% of his stake in TMTG to a trust in December 2024, concerns about potential conflicts of interest have been raised. Critics have questioned whether Trump's unmistakable influence on policy could benefit World Liberty, a company with a 60% stake held by the Trump family and where Trump serves as "Chief Crypto Advocate," with a portion of profits going to him.
As Trump Media Group's crypto ventures continue to grow, shares showed no significant change in after-hours trading following the announcement. At market close on Tuesday, shares had fallen 3.29% to $24.98, representing a decline of over 26% year-to-date.
The nascent crypto token is just one of several recent indications of TMTG's interest in the digital currency space. In November 2024, the company filed a trademark application with the US Patent and Trademark Office for computer software designed to function as a digital wallet, enable digital asset trading, and process crypto payments on Truth.Fi.
Stay tuned for more developments as TMTG continues to shape the digital currency landscape!
- Trump Media & Technology Group (TMTG) is planning to launch a utility token within a Truth digital wallet, aiming to use it for payment options on Truth Social and associated services, as well as various services within the "Truth ecosphere."
- In a recent announcement, it was revealed that TMTG also intends to invest up to $250 million of its cash reserves into Bitcoin and related cryptocurrency assets or crypto-related securities.
- The President's official meme coin, TRUMP, launched on the Solana blockchain in January, and has since seen volatility, with a surge by nearly 66% in a single day following an announcement and a subsequent drop after the Truth Social shareholder letter.
- Truth.Fi, the fintech brand under TMTG, aims to provide investors access to "America-First" themed financial products by the end of 2025, which will include customized exchange-traded funds (ETFs) containing both cryptocurrencies and traditional equities.
