Trump Media Plans Digital Token Distribution to Shareholders
Trump Media & Technology Group Corp. (NASDAQ: DJT) announced plans to distribute digital tokens to shareholders through a partnership with Crypto.com. The company operates Truth Social, streaming platform Truth+, and FinTech brand Truth.Fi.
Trump Media shares jumped 6% in premarket trading.
The distribution will use Crypto.com's Cronos blockchain technology. Trump Media stated that each shareholder will be eligible to receive one digital token per whole share of DJT stock, beginning in the near future.
Token holders will have access to periodic rewards throughout the year, which may include benefits or discounts for Trump Media products including Truth Social, Truth+, and Truth Predict, according to the company's announcement.
"We look forward to utilizing Crypto.com's blockchain technology and improving regulatory clarity to implement this first-of-its kind token distribution, reward Trump Media shareholders, and promote fair and transparent markets," said CEO and Chairman Devin Nunes.
The company indicated that additional details about the planned distribution will be released in the new year. Trump Media trades on both NASDAQ and NYSE Texas under the ticker DJT.
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