Trump Media and Technology Group (DJT), the company behind Truth Social, said on Wednesday it plans to distribute new digital tokens to shareholders through an agreement with Crypto.com.
The token will be issued using Crypto.com’s Cronos blockchain. Trump Media said in a press release that once the program is launched, each shareholder will receive one token for every entire share of DJT held.
Token holders may also receive periodic rewards throughout the year, including potential benefits or discounts related to Trump Media products, such as Truth Social, the Truth+ streaming service and Truth Predict, the company said.
U.S. President Donald Trump, a major shareholder in Trump Media and Technology, has expressed support for the cryptocurrency industry by 2025, saying in November that he wanted the U.S. to become a “Bitcoin superpower.”
“We look forward to leveraging Crypto.com’s blockchain technology and increased regulatory transparency to implement this unprecedented token distribution, reward Trump Media shareholders, and promote a fair and transparent market,” CEO and Chairman Devin Nunes said in a statement.
Trump Media shares rose in pre-market trading, with DJT rising to $12.97, an increase of 3.18%. Crypto.com’s native token, CRO, initially rose 3.8% after the announcement before giving up some of its gains.
Trump Media said that more details about the token distribution are expected to be announced in the new year.
