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Trump Media Plans Crypto Expansion Amid Financial Struggles
Trump Media Plans Crypto Expansion Amid Financial Struggles
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BTCCSquare news:
Trump Media, the parent company of Truth Social, is advancing plans to launch a utility token and digital wallet despite reporting a $20 million net loss in Q2. The token will initially function as part of a rewards system for its streaming service, with ambitions to expand across the Truth Social ecosystem. No launch date has been set.
The company's crypto push comes alongside significant financial headwinds. Q2 losses were primarily driven by $20.5 million in non-cash expenses, including stock-based compensation and legal fees. This development follows July's beta test announcement for the Patriot Package subscription plan, which proposed tying tokens to monthly 'gems' earned by users.
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