Trump Media sets Feb. 2 record date for upcoming rewards token
Quick Take
- Trump Media is targeting Feb. 2 as its date of record for its upcoming rewards token to be distributed to beneficial company owners and shareholders.
- Crypto.com will mint the digital tokens and retain custody of them “pending distribution.”
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Trump Media (Nasdaq: DJT), the fintech company closely associated with the sitting U.S. president, has announced a date of record for its previously announced token initiative, according to a statement.
The firm said that Feb. 2 will be the specific cutoff date to determine which shareholders are officially eligible to receive the tokens. Trump Media first announced it would distribute a new blockchain-based token to shareholders in partnership with Crypto.com in late December.
According to the firm, ultimate beneficial owners of Trump Media and "registered holders of at least one whole share of DJT stock as of the record date will be eligible to receive tokens and associated incentives."
Other than setting the target record date, Tuesday’s announcement does not reveal much new information about the forthcoming token. Trump Media previously pitched the initiative as a "first-of-its-kind token distribution" to "reward Trump Media shareholders."
The token will not represent equity in the company, which is the operator of the Truth Social social media platform, Truth+ streaming platform, and Truth.Fi fintech platform that has lately launched several crypto initiatives.
Although the token may unlock “benefits or discounts tied to Trump Media products,” it may not be transferable or exchanged for cash, the firm previously said.
Shares of DJT are up 3.1% at publication time to trade around $14.30, according to Google Finance.
Crypto.com's role
Crypto.com will mint the digital tokens and retain custody of them "pending distribution." The token may be launched on Crypto.com’s Cronos blockchain, according to a previous announcement.
"We look forward to leveraging Crypto.com’s blockchain technology consistent with Securities and Exchange Commission guidance to benefit our shareholders and promote transparency, including by obtaining a clear picture of bona fide beneficial ownership as of the record date," Trump Media CEO and Chairman Devin Nunes said on Tuesday.
Trump Media has tapped Crypto.com in the past. The firms are developing a predictions market platform and a series of exchange-traded funds under the Truth.Fi brand, including multiple crypto ETFs. Crypto.com and Anchorage Digital also provide custody for Trump Media's 15,000 BTC Bitcoin treasury, and Trump Media has previously agreed to buy and hold a significant stash of CRO tokens.
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