Truth Social, the social media platform founded by Donald Trump, announced the launch of a utility token for its new Patriot Package loyalty program.
Announcement of Patriot Package
According to an official announcement on Truth Social, subscribers to the $9.99 per month Patriot Package will gain access to ultra-fast streaming of selected 'non-woke' news channels, a red verification checkmark, improved comment visibility, and access to a Truth+ badge.
Loyalty package subscribers will be eligible to participate in a beta test allowing them to accumulate digital 'gems' through platform engagement. These gems will eventually be tied to a utility token usable across Truth Social and its affiliated Truth+ media service.
Cryptocurrency ETF Filing
A fortnight before this token announcement, Truth Social filed for an S-1 registration with the SEC for a new cryptocurrency exchange-traded fund (ETF), dubbed the 'Truth Social Crypto Blue Chip ETF.' The filing proposes that the ETF's assets will list Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cronos (CRO). The preliminary allocation breakdown lists 70% in Bitcoin, 15% in Ethereum, 8% in Solana, 5% in Cronos, and 2% in Ripple.
According to the prospectus, Yorkville America Digital is listed as the fund's sponsor, and Foris DAX Trust Company will become the custodian of the digital assets. If approved, the ETF is set to be offered on the New York Stock Exchange Arca.
Previous Plans by Trump Media
Trump Media & Technology Group (TMTG), Truth Social's parent company, has been involved in several blockchain-based initiatives since Donald Trump took office. In April, TMTG disclosed to shareholders that it was considering a utility token as part of a digital wallet solution that would allow users to pay for Truth+ subscriptions and other services within the Truth ecosystem.
In May, the company denied misleading rumors about launching a Truth Social-themed meme coin. Earlier this year, Trump Media signed a binding agreement with Crypto.com and Yorkville America Digital to roll out multiple crypto-based ETFs under a 'Made in America' branding umbrella.
The launch of the utility token and plans for a cryptocurrency ETF indicate Truth Social's growing interest in the crypto ecosystem, which could reshape user interaction and corporate investments.
