Trump Media & Technology Group (TMTG) announced its Q2 financial report last Friday, showing a net loss of $20 million, of which approximately $15 million is related to legal expenses associated with the 2024 Special Purpose Acquisition Company (SPAC) merger. Following the announcement, the company's stock price dropped 3.8% in a single day, reducing its market value to about $4.7 billion.
Trump Media is the parent company of Truth Social, the social media platform created by U.S. President Donald Trump. The total value of its Bitcoin and Bitcoin-related assets has reached $2 billion, accounting for about two-thirds of the company's $3.1 billion in assets.
It is worth noting that Trump Media revealed in documents submitted to the U.S. SEC that the 'Patriot Package' subscription service currently under testing will allow users to 'accumulate gems'. In the future, these gems will be linked to a 'Utility Token' that can be used on Truth Social and its video platform Truth+. Initially, the tokens will be used for subscription fees, but may expand to other goods and services in the future.
However, current official documents do not clearly state whether the token is based on blockchain technology. If the plan comes to fruition, it will add a Web3 dimension to Trump Media's portfolio.
In addition to launching its own token, Trump Media is also promoting the issuance of a cryptocurrency ETF. However, according to previous reports from (BlockTempo), the U.S. SEC has extended the review timeline for the Truth Social Bitcoin spot ETF, and the review results will be announced on September 18.
This article is authorized to be reproduced from: (BlockTempo)
Original Title: (Trump Media Reports $20 Million Loss in Q2! Preview of Launching 'Utility Token')
Original Author: Xun
The article 'Trump Media Reports $20 Million Loss in Q2! Testing Patriot Package, Will Launch Utility Token' was first published on 'Crypto City'.
