Trump Media and Technology Group Corp. DJT said Tuesday it was contemplating the launch of a utility token for users accessing its Truth Social ecosystem.

What Happened: In a shareholder letter, TMTG outlined its key products and near-term roadmap, focusing on the Truth Social and Truth+ video streaming platforms.

The company stated it was working on a token within a Truth Digital wallet that could be used to pay for a Truth+ subscription initially and then used to access other products and services in the ecosystem.

TMTG didn’t immediately return Benzinga’s request for comment on additional details about the proposed token.

See Also: Bitcoin Is Steel, Ethereum And Solana Are Balsa Wood And Clay, Warns Michael Saylor—Strategy Chair Says Leveraging ETH, SOL Could Lead To ‘Catastrophe’

Why It Matters: TMTG, co-founded and majority-owned by President Donald Trump, has deepened its involvement in the cryptocurrency world lately, most notably through a high-profile partnership with cryptocurrency exchange Crypto.com to introduce a series of exchange-traded funds, including ones tracking cryptocurrencies.

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Entities linked to Trump and his family have increasingly focused on a crypto-centric business portfolio, with a strategic bet on Bitcoin BTC/USD mining, following their foray into decentralized finance with World Liberty Financial and the Official Trump TRUMP/USD meme coin.

Price Action: Trump Media stock fell 0.12% in overnight trading after closing 3.29% lower at $24.98 on Tuesday, according to data from Benzinga Pro. Year-to-date, the stock has plunged 26.74%

As of this writing, the DJT stock exhibited a low value score— a metric that evaluates an asset's relative worth by comparing its market price to fundamental measures. In case you’re looking to pack your portfolio with high-momentum equities, check out Benzinga’s proprietary Edge Rankings score for reference.

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Photo Courtesy: Rokas Tenys On Shutterstock.com

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.