Trump Media Sets Snapshot Date for New Rewards Token

Trump Media announced February 2 as the snapshot date to identify eligible shareholders and beneficial owners, those holding at least one whole DJT share, for its new blockchain-based rewards token distribution.

What's the scoop?

• Token Details: The non-equity token, pitched as a "first-of-its-kind rewards initiative," may offer benefits or discounts on Trump Media products but cannot be transferred or exchanged for cash.
• Crypto.com Involvement: Crypto.com will mint and hold the tokens pending distribution, potentially launching them on its CRO blockchain, building on prior partnerships including custody for Trump Media's Bitcoin treasury.
• Share Price Movement: DJT shares rose as high as $14.92 following the announcement, per Google Finance, but ended the day flat (on a very red day for markets).

Bankless Take:

Reddit had a similar initiative, though ended up shutting it down. Given Trump Media’s push into all things crypto, including their own prediction market and ETFs, this points program may have more viability and synergy with existing or upcoming crypto products, which could give it more staying power than Reddit’s. And, while currently there’s no ability to change into cash, I wouldn’t be surprised if this changed down the road.