WASHINGTON (dpa-AFX) - Trump Media & Technology Group (TMTG), the brains behind Donald Trump's Truth Social, just announced that they're rolling out a new cryptocurrency token for their shareholders.
This news shot their stock up over 9% in New York trading, even though it's still down about 60% from where it started this year after a tough stretch.
The company mentioned that these new tokens won't be transferable or redeemable for cash. But, there's a catch-holders might get some perks down the line, like discounts or benefits related to Trump Media products.
This move is just another step in the Trump family's growing presence in the crypto world, which already includes various memecoins, a stablecoin, and significant bitcoin investments. According to previous analysis by the Financial Times, ventures linked to Trump in the crypto space have raked in over $1 billion.
Since its founding in 2021, TMTG has also branched out into artificial intelligence and energy sectors, recently merging with TAE Technologies, a fusion company backed by Google, in a deal worth $6 billion.
Plus, they've worked with Crypto.com on other token-related initiatives, which tightens their connection with the digital asset market even more.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
