The token will be distributed to shareholders through a partnership with the Crypto.com exchange, Trump Media said in a statement. It is poised to operate on the Cronos blockchain.
Devin Nunes, Trump Media’s chief executive, called it a “first-of-its kind token distribution” that will “reward Trump Media shareholders, and promote fair and transparent markets”.
Nunes, a former Representative from California, also serves at the White House as the Chair of the Intelligence Advisory Board, providing advice to Trump about intelligence collection.
The company said that shareholders will receive the tokens “in the near future”. It hinted at “various rewards” for token holders, such as discounts on Trump Media products.
Trump Media, which was founded in 2021, has recently broadened its push into the crypto industry, while also expanding into artificial intelligence and financial services. But its shares have fallen more than 60% this year.
Since returning to the White House in January, Trump has pushed for more favorable regulation of cryptocurrencies, as well as trading platforms and other parts of the industry. The once-fringe industry poured millions into the 2024 presidential election, backing candidates including Trump.
Critics have expressed concerns about possible conflicts of interest arising from the various crypto ventures Trump, who once called crypto a scam, and his family members have launched. Those ventures – such as the TRUMP meme-coin and a token from World Liberty Financial, a Trump-backed finance project – have generated significant profits.