President Donald Trump’s publicly traded media company is considering the launch of a “utility token” and “digital wallet,” according to a letter the company’s CEO and chairman Devin Nunes sent to shareholders on Tuesday. In the run up to an annual shareholder meeting on Wednesday for Trump Media & Technology Group (TMTG), Nunes wrote about the company’s expansion of products for “patriotic Americans,” including plans for its streaming service Truth+.
“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,” he said.
While Nunes didn’t specify whether the “utility token” was a cryptocurrency or if the “digital wallet” was blockchain-based, the terms are common in the crypto industry. Utility tokens are cryptocurrencies that developers intend for use beyond just speculation, while digital wallets are used to hold and exchange tokens.
Trump Media didn’t immediately respond to a request for comment asking for more detail about its plans for Truth+.
TMTG is a publicly traded company that operates Truth Social, a social media app that’s a clone of X, formerly known as Twitter. Trump helped finance the platform after various social media sites, including Twitter, kicked him off spreading misinformation and violating their terms of service.
In March 2024, the company holding Truth Social, TMTG, went public and soon achieved a market capitalization of almost $8 billion, even though its revenue was paltry in comparison to similarly valued companies. The firm is worth $5.5 billion, as of Wednesday evening.
In January, TMTG announced it was launching Truth.fi, its own fintech vertical that plans to invest some of its cash in Bitcoin and other cryptocurrencies. It also recently announced its intentions to launch its own crypto exchange-traded funds, or ETFs, in partnership with the crypto exchange Crypto.com.
Truth.fi and potentially Truth+’s “utility token” are just two products in the Trump family’s growing crypto empire. There are NFTs, memecoins, a decentralized finance application called World Liberty Financial, a stablecoin, a Bitcoin mining business, and a planned Trump-themed real estate video game.
The flurry of crypto ventures comes amid the Trump administration’s simultaneous pro-crypto regulatory agenda. Since the 47th president took office, he’s authorized the creation of a strategic Bitcoin and digital assets reserve, invited the crypto industry elite to the White House, pushed for stablecoin legislation, and presided over the defanging of crypto investigatory units throughout the federal government.
This story was originally featured on Fortune.com
