Trump Media nears shareholder token airdrop

Trump Media has set Feb. 2 as the record date for eligibility in its planned shareholder digital token airdrop.

Shareholders listed as beneficial owners or registered holders by the snapshot date will qualify for the non-tradable rewards token.

The company said Crypto.com will be used to mint, display and custody the tokens until distribution.

Trump Media stressed the token is not a tokenised stock and carries no shareholder rights or claims on earnings.

The token cannot be redeemed for cash but may offer periodic perks such as discounts on Trump Media products.

The initiative forms part of a broader effort to integrate blockchain technology into the company’s ecosystem.

“We look forward to leveraging Crypto.com’s blockchain technology consistent with Securities and Exchange Commission guidance,”

Devin Nunes said.

Trump Media shares rose more than 7% intraday before settling lower by the market close.

Data from Simply Wall St shows more than 41% of Trump Media shares are held by individual insiders.