Trump Media and Technology Group unveiled a plan to issue a new cryptocurrency to shareholders, granting one token per share. The token will be distributed through Crypto.com and run on the Cronos blockchain.
CEO Devin Nunes described the distribution as first-of-its-kind, intended to reward shareholders and promote fair and transparent markets. The company said the tokens will be issued in the near future and hinted at rewards for token holders, such as discounts on Trump Media products.
The move builds on Trump Media’s expanding involvement in crypto, alongside ventures into artificial intelligence and financial services. Since Trump’s return to political prominence, he has advocated for looser crypto regulation, aligning with the broader industry’s direction. Notably, critics have raised concerns about potential conflicts of interest given multiple crypto ventures connected to the family.
Beyond Trump Media, the crypto sector has seen volatility, with meme coins like TRUMP suffering large declines. Bitcoin, the world’s largest cryptocurrency, remains volatile as it trends away from its previous highs.
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