Trump Media and Crypto.com launch $6.4B CRO treasury, holding 6.3B CRO tokens, with Truth Social integration boosting CRO 26% to $0.197.
Trump Media Group has disclosed its intention to establish a CRO Strategy in collaboration with Crypto.com, a cryptocurrency exchange. The organization will serve as the inaugural Cronos treasury corporation and possess up to 19% of the token’s total supply. It will also have a treasury of up to $6.4 billion, which includes currency.
Trump Media Group and Crypto.com Reveal CRO Strategy
CRO Strategy will acquire $1 billion of CRO (6.3 billion tokens) for its treasury, representing 19% of the token’s total supply, according to a press release issued by Trump Media Group. The president’s company announced that they have entered into a definitive agreement with the crypto exchange for a business combination to establish Trump Media Group CRO Strategy, Inc., with Nasdaq-listed Yorksville. This occurred at the same time.
The company’s ticker symbol will be ‘MCGA’ (Make CRO Great Again). This digital asset treasury company will concentrate on acquiring the native token of the Cronos ecosystem, which is affiliated with the leading crypto exchange.
At the conclusion of the Business Combination, the treasury company’s dominant owners and founding partners will be Trump Media Group, Yorkville, and Crypto.com. In the interim, the president’s organization disclosed that CRO Strategy’s treasury will include $200 million in cash and $220 million in cash-in mandatory exercise warrants.
Yorkville’s affiliate will also provide an additional $5 billion equity line of credit, increasing the company’s treasury to $6 billion. This will establish Yorkville as the first and largest publicly traded CRO treasury company. The company has the potential to become the most significant digital asset treasury corporation in history, as measured by its market capitalization ratio.
Today, the Cronos price has experienced a substantial increase due to this announcement. The token is currently trading at approximately $0.1948, a 26% increase in the past 24 hours, according to TradingView data.
Trump’s organization has announced a strategic partnership with Crypto.com
In addition to the CRO Strategy, Trump Media announced in a separate release that it has signed a cooperation and purchase agreement with Crypto.com, establishing a strategic partnership.
Trump Media will incorporate the CRO token into its Truth Social and Truth+ platforms per the cooperation agreement. Additionally, the company will collaborate with the crypto exchange to establish a revised rewards system that will enable users of this social media platform to utilize the exchange’s digital wallet infrastructure to convert rewards into CRO and other benefits.
Additionally, Truth users will be able to utilize their Crypto.com CRO balance to pay for subscriptions and services, and they will receive complimentary or discounted subscriptions upon establishing an account with the crypto exchange.
In the interim, Trump Media will acquire nearly $105 million in CRO, which accounts for 2% of the token’s total market capitalization, as stipulated in the purchase agreement, for its balance sheet. Conversely, Crypto.com will acquire $50 million in shares of Trump Media’s common stock.
