Trump Media Group Plans Utility Token for Truth Social in Expanding Crypto Strategy
Key Takeaways:
- Trump Media has indicated it will release a utility token, along with a digital wallet for Truth+ subscriptions.
- The firm will also allocate its funds to investments in crypto-themed ETFs and other digital asset ventures.
- Tokens associated with Trump fell in value following the announcement.
Utility Token In The Works For The Truth+ Subscriptions
Trump Media & Technology Group (TMTG), the company behind Truth Social, is developing another crypto initiative. In a letter to shareholders, CEO Devin Nunes said the company is researching a utility token and a digital wallet, initially aimed at enabling payments for Truth+, its conservative-oriented streaming service.
The digital wallet would eventually extend to other services as well, in a concept the company refers to as the “Truth ecosphere.” Examples include Truth Social, the company’s marquee social media platform, and Truth.Fi, its fintech division which went live in early 2025.
Though TMTG hasn’t confirmed whether the token will be blockchain-based, both utility tokens and digital wallets are standard tools in the crypto space. The token is part of a rewards system to boost activity within the ecosystem.
The initiative supports TMTG’s goal of building a parallel economy for its “patriotic” user base.
Wider Move Into Crypto and Digital Finance
Going further from the token and wallet, TMTG is undertaking far-reaching financial ventures. The company is working with Crypto.com and Yorkville America Digital to market exchange-traded funds (ETFs) combining traditional equities and cryptocurrency. These ETFs could offer a “Made in America” branding and will be available through Truth.Fi, the company’s crypto and investing platform.
The company had previously said in January that it planned to put up to $250 million of its cash reserves into Bitcoin and other crypto-related assets. It would be overseen by the venerable financial institution Charles Schwab, in a hybrid model that combines crypto enthusiasm with institutional guardrails. That investment focus is intended to empower Trump supporters with access to alternative financial tools.
Memecoin Slump Follows Token Announcement
The market’s reaction to the proposed utility token has been tepid. Post shareholder letter release, No. 45’s official meme coin on the Solana blockchain, simply calling itself TRUMP, fell 11% in 24 hours, part of a lurch from its all-time high of some $73 in January. By the end of April, the price was approximately $0.01.
A memecoin of Melania Trump’s own, also on Solana, meanwhile lost almost 10 percent during the same period, to close at $0.40 — down significantly from its January high of $13.05. The price drop has sparked doubts about the long-term viability of Trump-branded crypto — despite recent efforts to boost demand like an exclusive dinner for top TRUMP coin holders.
Conflicts of Interest and Regulatory Risks
TMTG’s further foray into crypto has raised political and moral questions. Even after placing a 59% stake of the company in the trust in December, President Trump continues to face accusations of conflicts of interest. Critics fear his political influence could sway regulatory decisions in favor of companies connected to him or his family members.
One of the most disputed is Trump’s promotion of World Liberty Financial, a DeFi platform that he has been dubbed “chief crypto advocate” for and is alleged to receive profits from. The company is 60% owned by the Trump family, leading to lawmakers questioning whether friendly policies might be favoring Trump-aligned crypto ventures.
And that scrutiny has only intensified as the Trump administration has taken steps to encourage pro-crypto regulation by tracking messages, weakening enforcement units, pushing for stablecoin laws and proposing a strategic Bitcoin reserve.
A Expanding ‘America First’ Crypto Empire
The utility token scheme is only the latest chapter in what is quickly growing into a sprawling Trump-branded crypto empire. Outside of Truth+, Truth Social and Truth.Fi, The product lines associated with Trump now includes:
- Multiple NFT collections
- The TRUMP and MELANIA memecoins
- World Liberty Financial is a DeFi project
- A Trump-branded real estate video game in the works
- A proposal for Bitcoin mining business
- A forthcoming stablecoin
The crypto community and political watchdogs are skeptical, but Trump’s base seems to get it. TMTG, which went public in March 2024, raised at an $8 billion valuation, but the company is now valued closer to $5.5 billion, after closing down Tuesday at $24.98 a share, a 26% year-to-date decline. The upcoming shareholder meeting may shed light on the token’s progress and regulatory strategy.
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