Key Takeaways:
- Trump Media plans to launch a utility token and digital wallet for Truth+ subscriptions.
- The company will invest in crypto-themed ETFs and other digital asset ventures.
- Price drops hit Trump-associated tokens after the announcement.
Table of Contents
Utility Token in the Works for Truth+ Subscriptions
Trump Media & Technology Group (TMTG), the firm behind the Truth Social platform, is developing a new crypto initiative. In a letter to shareholders, CEO Devin Nunes confirmed the company is exploring a utility token and digital wallet, initially aimed at enabling payments for Truth+, its conservative-oriented streaming service.
The digital wallet would later be expanded to cover other services in what the company calls the “Truth ecosphere.” This includes products like Truth Social, the flagship social media platform, and Truth.Fi, TMTG’s fintech arm launched in early 2025.
Although TMTG did not specify whether the token would be blockchain-based, both “utility token” and “digital wallet” are commonly used in the crypto sector. The token would be part of a broader rewards program designed to increase engagement and streamline transactions within the company’s ecosystem.
The move comes as part of TMTG’s broader plan to offer its followers — often described as “patriotic Americans” — a parallel economic infrastructure aligned with their political values.
Broader Push into Crypto and Digital Finance
Beyond the token and wallet, TMTG is pursuing more ambitious financial ventures. The company is collaborating with Crypto.com and Yorkville America Digital to roll out exchange-traded funds (ETFs) that blend traditional equities and cryptocurrencies. These ETFs are expected to carry a “Made in America” branding and will be available via Truth.Fi, the company’s crypto and investment platform.
The firm previously announced in January that it would invest up to $250 million of its reserves into Bitcoin and other crypto-related assets. This sum would be managed by traditional financial giant Charles Schwab, reflecting a hybrid approach that merges crypto enthusiasm with institutional safeguards.
This investment strategy is aimed at reinforcing the firm’s self-declared mission of promoting alternative finance that resonates with Trump’s political base.
Memecoins and Market Volatility Continue
While the prospect of a utility token may appear promising, market reactions have been mixed. After the shareholder letter was released, Trump’s official meme coin — known simply as TRUMP and launched on the Solana blockchain — dropped by 11% in 24 hours, continuing a slide from its all-time high of over $73 in January. The price stood at around $0.01 by the end of April.
Meanwhile, Melania Trump’s own memecoin, also on Solana, fell nearly 10% within the same timeframe, landing at $0.40 — a sharp drop from its January peak of $13.05. These fluctuations raise concerns about sustainability and long-term value in Trump-branded crypto products.
The recent token declines come despite publicity stunts such as the exclusive dinner invitation for top TRUMP coin holders announced last week — a tactic aimed at boosting demand through loyalty incentives.
Potential Conflicts and Regulatory Scrutiny
TMTG’s continued expansion into crypto territory has drawn political and ethical concerns. Despite transferring a 59% ownership stake in the company into a trust last December, President Trump still faces accusations of conflicts of interest. Critics worry his political influence could affect regulatory decisions in favor of companies tied to him or his family.
One of the most controversial examples is Trump’s support for World Liberty Financial, a DeFi platform where he is labeled “Chief Crypto Advocate” and reportedly earns a portion of profits. The company is 60% owned by the Trump family, prompting lawmakers to question whether favorable policies might be benefiting Trump-aligned crypto ventures.
Such scrutiny has only increased as the Trump administration has taken steps to promote pro-crypto regulation, including weakening enforcement units, pushing for stablecoin legislation, and proposing a strategic reserve of Bitcoin.
A Growing “America First” Crypto Empire
The utility token plan marks just the latest chapter in what is rapidly becoming a sprawling Trump-branded crypto empire. In addition to Truth+, Truth Social, and Truth.Fi, Trump-affiliated products now include:
- Multiple NFT collections
- The TRUMP and MELANIA memecoins
- World Liberty Financial, a DeFi protocol
- A Trump-themed real estate video game in development
- Plans for a Bitcoin mining business
- A forthcoming stablecoin
These developments underscore a clear trend: Trump Media is building an ecosystem of digital assets intended to serve users who feel alienated from mainstream platforms. According to Trump Media, these offerings are not just financial products, but ideological tools meant to empower like-minded consumers.
Despite skepticism from the crypto community and political watchdogs, Trump’s base appears receptive. TMTG’s IPO in March 2024 led to a valuation near $8 billion, though that has since dropped to $5.5 billion, with shares closing at $24.98 on Tuesday — a 26% decline year-to-date.
Trump Media’s annual shareholder meeting, set for Wednesday, may shed more light on the utility token’s development and how the company plans to address growing regulatory scrutiny.
