Truth Social Says It Is Entering Prediction Markets, Deepening Trump’s Crypto Ties

President Donald Trump in December put his shares of Trump Media & Technology Group into a revocable trust in the name of his son Donald Trump Jr. (SAUL LOEB/AFP via Getty Images)

Trump Media & Technology Group on Tuesday said social-media network Truth Social will soon offer prediction markets. It is a direct challenge to competitors Kalshi and Polymarket and deepens President Donald Trump’s ties to the crypto industry.

The company, which counts the Trump family as its largest shareholder, said Truth Social will offer betting on election outcomes, sports games, and financial metrics like inflation or interest rates, among other events in a partnership with Crypto.com. The new product is called “Truth Predict.”

The new product is the Trump family’s latest foray into crypto-tied markets. Trump and his family have made billions of dollars on various crypto projects, including tokens issued by World Liberty Financial and a crypto mining and treasury company called American Bitcoin.

On Tuesday, as of about 10:15 am in New York, Trump Media , which uses the ticker DJT, rose about 1.8% to $16.33.

Prediction markets are often powered by “smart contracts,” a kind of cryptocurrency technology that holds bets and automatically pays out winnings when an event’s outcome is verified. Betting firms like Polymarket and Kalshi have exploded in popularity, often around betting on election outcomes.

The federal government and states only recently have begun to allow some prediction markets to operate in the U.S. Polymarket in September said it had received a “no action” letter from the Commodity Futures Trading Commission, enabling its eventual return to the U.S.

Donald Trump Jr. is a director of Trump Media and a strategic advisor to Polymarket, which would likely compete with Truth Social’s new offering. Polymarket did not immediately respond to a request for comment.

Write to Joe Light at joe.light@barrons.com