What is Mr. Trump's SNS 'Truth Social'? The impact on the cryptocurrency market and the strategy of TMTG.

! Donald Trump, who won the 2024 presidential election with a pledge to promote crypto assets (virtual currency), They frequently use social media to present their ideas and policies. The content of the posts often has a significant impact on the financial markets, and investors and the press are constantly keeping a close eye on them.

This trend also applies to the cryptoasset space, and investor attention on how Donald Trump will mention any cryptoasset policies has significantly increased since the presidential election.

Donald Trump mainly uses “Truth Social,” referred to as “Trump’s SNS,” to make posts. In March 2025, he posted on Truth Social about a cryptoassets reserve fund concept, and the coins mentioned during that time saw a rapid price increase.

Recently, the operating company of Truth Social has announced a cryptoassets-related business, attracting increasing attention.

In this article, we will explain the features of Truth Social, its relationship with cryptoassets, and the financial business of the operating company.

Table of Contents

1. Overview and Basic Information

1-1. What is Truth Social

1-2. Background and Timing of Birth

1-3. About the Operating Company

1-4. What is Truth.Fi 2. Truth Social’s data 3. Revenue Base 4. The Impact and Risks of Posts 5. About Issuing Unique Tokens

5-1. Announcement of Issuance Consideration

5-2. Report Content

5-3. Positive Opinions

5-4. Critical Opinions

1. Overview and Basic Information

1-1 What is Truth Social?

Truth Social is a social network similar to X (formerly Twitter). Users can use Truth Social on the website and the app.

Source: Truth Social

First, you can create an account and make posts called “Truth” as well as like, follow, and comment. Posts can be written up to 1,000 characters, and you can attach up to 4 images and 1 video.

One significant difference from X is that, at the time of writing this article, it does not support Japanese.

1-2 Background and Timing of Birth

Truth Social is a social networking service launched by Donald Trump. The background of its launch stems from the fact that major social media companies like X suspended Trump’s account in 2021. As Trump could no longer use the major IT companies’ social media platforms, he established Truth Social to continue sharing information.

The reason for the account being frozen was that Mr. Trump’s posts at the time were considered problematic due to the potential incitement of violence. For example, X specifically identified the posts in question and detailed the reasons that led to the account freeze. The background of the concern over inciting violence is the attack on the U.S. Capitol in January 2021.

The attack on the Capitol was carried out by supporters of Trump. Aligned with Trump, who refused to acknowledge his defeat in the presidential election at the time, the supporters attempted to obstruct the transfer of power to Biden, who was elected president.

At that time, SNS companies pointed out that Mr. Trump’s posts could incite such violence.

Source: TMTG

The Trump Media & Technology Group (TMTG), which operates Truth Social, stated on its official website that its mission is to “end the attacks on free speech by big tech by opening up the internet and reclaiming the right to speak.”

As for the service launch date, there is information that it was first officially launched on the App Store for iOS on February 21, 2022’s “President’s Day”, but according to the US Securities and Exchange Commission (SEC) documents, the iOS version was officially released in April of the same year. After that, a web version was released in May of the same year, and an android version was released in October of the same year.

1-3 About the Operating Company

Source: TMTG

The operating company TMTG not only has Donald Trump’s name in its corporate name, but according to the official website, Trump holds approximately 58.7% of the company’s outstanding shares. Additionally, while Trump himself is not part of TMTG’s board of directors, a significant feature is that his son, Donald Trump Jr., is involved.

The company merged with a firm called Digital World Acquisition and went public in March 2024. Digital World Acquisition is a SPAC (Special Purpose Acquisition Company) that was established with the aim of acquiring and merging with unlisted companies, and the company itself does not have any operations.

Currently, TMTG’s stock is listed on NASDAQ and NYSE (New York Stock Exchange) Texas. The chart below shows the price trend of the stock so far. The merger process was completed, and the ticker changed to the current “DJT” on March 26, 2024.

Source: TradingView

In addition to Truth Social, TMTG is also developing a streaming platform under the brand “Truth+”. On the other hand, attracting attention in the cryptoassets space is the fintech brand “Truth.Fi”.

1-4 What is Truth.Fi

Truth.Fi is a fintech brand announced by TMTG in January 2025. The announcement explained that it will expand its business into financial services and is not limited to just cryptocurrency.

Regarding Truth.Fi, the company explained in a letter to shareholders dated April 2025 that it will focus on providing services to U.S. investors and seeking strategic acquisitions. In the same month, it also announced plans to offer investment products consisting of cryptocurrency-related stocks, Bitcoin, and other altcoins, with an emphasis on “Made in America.”

In addition, it was recently announced that in May of the same year, a total of 2.5 billion dollars was raised from about 50 institutional investors for the execution of a Bitcoin financial strategy. It was also revealed that in June, a Bitcoin spot ETF was applied for.

2. Data of Truth Social

Regarding the usage of Truth Social, TMTG has not released official figures, but by checking websites of data providers, one can grasp the scale and trends.

First, Donald Trump started Truth Social in February 2022, and the number of followers is 9.9 million. For reference, the account on X (@realDonaldTrump) that Trump started in March 2009 has 100 million followers. (As of June 25)

Source: Coolest Gadgets

According to the website “Coolest Gadgets”, the average monthly user count for Truth Social in 2024 was 5.9 million. Additionally, data has also been released indicating that 84.16% of Truth Social users reside in the United States.

It is also explained that over 61% of users are supporters of Donald Trump’s Republican Party.

3.Revenue Base

Looking at the quarterly report for Q1 2025 (January to March), it is clear that as of the end of March 2025, the revenue of TMTG is primarily supported by advertising income from Truth Social. The company states that Truth+ has not yet generated advertising revenue, and Truth.Fi has not generated any revenue itself.

As of the end of March 2025, revenues increased by $50.7 (7%) compared to the same period last year, which was mainly attributed to improvements in the economic aspects of advertising. The company also mentioned that its revenues could fluctuate due to experiments in the advertising business of Truth Social.

Regarding the future, it is explained that they will expand existing products and services by generating revenue through advertising business on Truth+ and subscription services with premium content. On the other hand, it is also stated that they plan to diversify their business by entering new areas through partnerships, mergers, and acquisitions.

4. The Impact and Risks of Posting

In this section, we will reflect on posts made by Donald Trump. We will focus on those posts that had a significant impact on the cryptoasset market, and also consider the risks and concerns.

Official meme coin issuance

First, one of the most impactful statements made by Mr. Trump regarding cryptoassets was the issuance of his own meme coin “OFFICIAL TRUMP (TRUMP)” in January 2025. The fact that a person who becomes the president of the world’s largest economic power issued an official meme coin is very significant. The issuance of this TRUMP was initially announced on Truth Social.

After that, it was announced on Trump’s X account that the issuance would take place, and several hours passed. On-chain experts pointed out that from the perspective of liquidity supply, the meme coin is very likely to be official, and the price skyrocketed more than 20 times.

On the other hand, there are voices raising concerns about the legal aspects surrounding the issuance of meme coins.

The U.S. consumer rights advocacy group Public Citizen sent a letter to the Department of Justice and the Office of Government Ethics in February 2025, expressing concern over Donald Trump promoting TRUMP on social media, requesting an investigation. They pointed out that this act by Trump may constitute a solicitation of gifts and raised suspicions of illegality.

Establishment of cryptoassets reserves

In March 2025, a new policy to support the U.S. cryptoasset industry will be posted. It has been revealed that a presidential order related to digital assets directed the establishment of a cryptocurrency reserve.

This strategic reserve includes major cryptocurrencies such as XRP, Solana, and ADA, and following this announcement, the prices of these three tokens surged. Shortly thereafter, it was also posted that Bitcoin and Ethereum would become the core of the reserve.

On the other hand, regarding this post, White House AI and cryptoassets special envoy David Sachs stated, “The president only mentioned the top five cryptoassets by market capitalization, so I think people are reading too much into it.”

The price of the mentioned tokens surged temporarily, but then fell sharply due to disappointment selling, so caution is needed regarding the rapid price fluctuations.

Implying the dismissal of the FRB chairman

In addition, in April 2025, he made a post demanding the Federal Reserve Board (FRB) to lower interest rates and hinted at the dismissal of FRB Chairman Jerome Powell. This is a significant post that not only relates to the cryptocurrency market but also threatens the independence of central banks.

Later, although he retracted his intention to dismiss, this post faced criticism from both inside and outside the cryptocurrency industry.

For example, Senator Elizabeth Warren has warned that politically motivated dismissal of the Fed Chair could undermine investors’ confidence and lead to a sharp decline in the stock market.

In addition, cryptocurrency investor and entrepreneur Anthony Pompliano emphasized that the U.S. President should not unilaterally dismiss the Fed Chairman. He stated that the idea of dismissing the Fed Chairman due to differences of opinion would set a very bad precedent and should not be carried out.

In this way, caution is necessary when viewing Mr. Trump’s posts on platforms such as Truth Social. Not only does Mr. Trump often change his policies, but his posts may also carry risks related to legal violations, price fluctuations, and investor protection.

Also, the risks involved are similar for events involving Mr. Donald Trump.

For example, events such as “Crypto Ball,” held as a pre-inaugural celebration with major players like Coinbase participating, and the “Presidential Dinner” inviting holders of TRUMP, also need to be closely monitored for their impact.

5. About Issuing Original Tokens

5-1 Announcement of issuance consideration

Regarding the TMTG Truth ecosystem, in a letter to shareholders in April 2025, the company revealed that it is exploring the issuance of utility tokens, attracting significant attention in the cryptoasset space.

Utility tokens are practical tokens that have rights and functions, and can be widely used. The English word “utility” means “multipurpose” or “practical.”

The letter explains that as part of the rewards program for Truth+, the introduction of a utility token is being considered. It states that the token will be introduced into the Truth digital wallet and will initially be usable for payment of Truth+ subscription fees.

And then it is explained that it will be available for use in the products and services of the Truth ecosystem. In the future, there is a possibility that it will be introduced to Truth Social as well.

5-2 Report content

There has been no subsequent official announcement regarding the utility token, but a media outlet called “Yellow” reported on May 1, 2025, citing multiple sources, about specific issuance plans.

Although the accuracy of the information is unclear, it has been reported that Polygon has been chosen as the main blockchain for issuing the utility token. It is stated that after several months of research on Solana, Avalanche, Base, and others, they decided on Polygon.

According to Yellow, they plan to launch a utility token with limited functionality in Q4 2025 (from October to December). The introduction to Truth Social seems to be scheduled for Q1 2026.

Moreover, this information is based not only on sources but has not been reported by other major media.

5-3 positive opinion

There are both positive and critical opinions regarding the issuance of a unique token by a company involving the President of the United States.

First, as a positive opinion, it is pointed out that utilizing blockchain technology can speed up payments and reduce fees. The introduction of a unique token may allow TMTG to benefit from technological advantages.

Additionally, there is a possibility of attracting the interest of Web3 investors and communities, thereby bringing in new users. There is data suggesting that the use of TMTG is biased towards supporters of Donald Trump, so if the user base can be expanded, it can lead to growth and increased revenue for each brand.

By deploying a reward program through a unique token, it may be possible to enhance user engagement and contribute to the development of the ecosystem.

For TMTG, which aims to break away from dependence on major IT companies, the adoption of Web3 technology could serve as a means to strengthen independence. Furthermore, it may also be possible to establish new revenue models specific to Web3.

5-4 Critical Opinion

On the other hand, there are many critical opinions being raised.

First, there are risks related to regulations and laws. Currently, there is no national-level cryptocurrency regulation in the United States, and it is uncertain whether a company involved with the sitting president can meet legal requirements such as securities laws if it issues its own token. Additionally, there may be increased scrutiny from the perspectives of conflicts of interest, corruption, and ethics.

Additionally, issues regarding price volatility and speculation of tokens have been pointed out. For example, if fervent Donald Trump supporters enter the market and the price fluctuates wildly, investors may incur significant losses. There are also many views that TMTG stocks have the characteristics of meme stocks.

There are also concerns about whether price manipulation can be prevented, whether there are risks to liquidity, whether the platform’s native tokens can spread beyond Donald Trump’s supporters, whether they can have actual economic value, and whether they can achieve commercial success.

Summary

This article provides a comprehensive discussion on the relationship between Donald Trump’s social media “Truth Social” and cryptoassets, including TMTG’s strategy, its impact on the market, and the concept of a unique token.

In an era where posts by politicians influence the prices of digital assets, the presence of communication platforms like Truth Social cannot be ignored. The Web3 strategy promoted by the operating company TMTG is also an important factor in discussing the future potential of cryptoassets.

That said, there are still concerns regarding regulations and ethics related to token issuance and cryptoasset policies, making it essential to gather information with a calm perspective.

In the future, it will be necessary to pay attention to how the trends of TMTG and the statements of Donald Trump will impact the cryptoasset market and public opinion.

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