Trump Media dey plan utility token and wallet after $20M Q2 loss
Trump Media, di papa company of Truth Social, dey plan launch utility token and digital wallet. SEC filing show say dis token go power rewards system wey dey linked to streaming service dem. Early adopters fit use tokens pay subscription fees and earn monthly “gems” inside Patriot Package. Details about launch date still dey pending.
For Q2, Trump Media post $20 million net loss, because of $20.5 million non-cash expenses, like stock-based compensation and legal fees. But the company get $2.3 million positive operating cash flow, wey crypto strategy help boost.
The company raise $2.4 billion through private placement and allocate $2 billion buy Bitcoin and related assets, making crypto two-thirds of the $3 billion liquid assets. Trump Media also file for joint Bitcoin-Ethereum ETF, dey wait SEC approval.
Bullish
Trump Media waka waka long di deep wn crypto tori, plus dia plan to launch utility token and digital wallet show say crypto assets don dey get more institutional support. Di company buy plenty Bitcoin—like two-thirds of their money—and di ETF filing add beta ginger for market feeling. Other companies like MicroStrategy do di thing before and e cause Bitcoin price to rise. Even tho dem lose $20 million for Q2 comot operational cost, di first time beta cash flow show say di crypto plan fit work. Short term, corporate treasury demand fit hold Bitcoin price level. Long term, if regulators clear di ETF and di token for Truth Social ecosystem take grow, market confidence go increase, dis news good for crypto market.