Bitcoin News Today: Trump Media Launches Truth Token and Wallet in SEC Filing

Trump Media has officially revealed its plans to launch a Truth-branded utility token and a digital wallet as part of a new rewards program, according to a filing with the U.S. Securities and Exchange Commission (SEC). This marks the first time the initiative has appeared in public financial documents, following initial hints in a shareholder letter months ago. The proposed token will be linked to a “Truth digital wallet,” initially allowing users to pay for Truth+ subscriptions, with potential for broader use across the “Truth ecosphere” in the future [1]. Although the company avoids using the term "cryptocurrency," the filing suggests blockchain infrastructure is involved [1].

The move is part of a broader crypto strategy, which includes a $2 billion investment in Bitcoin and Bitcoin-related assets earlier this year, positioning Trump Media among the top five public holders of BTC globally [1]. The company also secured $2.4 billion in a private placement round, with $1 billion designated as restricted collateral for convertible notes [1]. Despite these developments, Trump Media reported a net loss of $20 million in its most recent quarter, citing costs related to its 2024 SPAC merger and stock-based compensation, even as it recorded positive operating cash flow of $2.3 million [1].

In addition to its token plans, Trump Media’s fintech division, Truth.Fi, has applied for several crypto ETFs, including products tied to Bitcoin, Ethereum, and a broader “Crypto Blue Chip” index [1]. CEO Devin Nunes has framed these crypto initiatives as a defense against what he describes as financial censorship and discrimination by traditional institutions [1].

Meanwhile, campaign finance filings reveal that Trump has received over $26 million in crypto donations this year, with major contributors including Blockchain.com ($5 million), venture capitalists Marc Andreessen and Ben Horowitz ($3 million each), and Gemini Trust ($3 million). Gemini co-founders Cameron and Tyler Winklevoss also contributed $500,000 each, while Ondo Finance and Paradigm added $2.1 million and $1.2 million, respectively [1].

Bloomberg’s Billionaires Index estimates that Trump’s stake in Trump Media Group (TMTG) accounts for $2.2 billion of his $6.6 billion net worth [1]. His broader crypto investments are believed to have gained at least $620 million in recent months [1]. Notably, nearly 70 nominees and officials in the Trump administration reportedly hold crypto or investments in blockchain companies, with holdings ranging from small sums to over $120 million [1].

Source:

[1] Trump Media Reveals Truth Token and Wallet Plans in SEC Filing

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