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Investing.com -- Trump Media & Technology Group Corp. (NASDAQ:DJT) stock rose over 6% Tuesday after the company announced plans to enter the prediction markets business through an exclusive arrangement with Crypto.com | Derivatives North America (CDNA).
The company, which operates Truth Social, will become "the first social media platform to offer its users technology to access embedded prediction markets capabilities" through a new product called "Truth Predict." The service will allow users to trade prediction contracts on events ranging from political elections to sports outcomes.
"With more than $3 billion in financial assets as of the end of the second quarter, and having posted our first quarter of positive operating cash flow after going public just last year, Trump Media is well-positioned to leverage our strong balance sheet and existing social media capabilities," said Devin Nunes, Chairman and CEO of Trump Media.
The initiative comes as trading volume on leading prediction marketplaces like Polymarket and Kalshi has reached record levels. Major financial exchanges including CME Group Inc. and Intercontinental Exchange Inc. have also shown interest in entering this growing market segment.
According to Crypto.com CEO Kris Marszalek, "Prediction markets are poised to be a multi-deca-billion dollar industry." The service will begin beta testing on Truth Social before a full U.S. launch, with global expansion planned afterward.