Overview
Trump Media and Technology Group (DJT) has entered into a joint venture with Crypto.com to invest in the exchange’s CRO token as a treasury asset, with plans to go public through a special purpose acquisition vehicle (SPAC).
As part of this collaboration, Trump Media is set to purchase approximately $105 million worth of CRO, which represents about 2% of the total token market cap. Meanwhile, Crypto.com will acquire $50 million in Trump Media stock. Following the announcement, CRO saw a significant increase of 25% within a 24-hour period, pushing its value to 19.60 cents.
Key Details:
- Trump Media is adopting Crypto.com’s wallet infrastructure, using CRO as a utility token for rewards and subscriptions on Truth Social.
- The venture, named Trump Media Group CRO Strategy Inc., aims to merge with SPAC Yorkville Acquisition Corp. under the ticker ‘MCGA’ aiming to become the largest holder of CRO.
Market Context
The deal arrives amidst a growing trend of public companies acquiring cryptocurrencies and utilizing them as treasury assets, with notable players like MicroStrategy leading the way.
Quote
“- A historic day for $CRO. Trump Media Group CRO Strategy announced a $6.42 billion U.S. Dollar treasury play. See the press release for more info on the proposed Business Combination and important info about $YORK and its related entities.”
Translation: “- A historic day for $CRO. Trump Media Group CRO Strategy announced a $6.42 billion treasury plan. See the press release for further details on the proposed Business Combination and important information about $YORK and its related entities.”
