Trump Media & Technology Group Corp. on Tuesday made an aggressive move into crypto by acquiring $6.42 billion for a digital asset treasury.
TMTG, Yorkville Acquisition Corp., and Crypto.com on Tuesday announced that they have entered into an agreement for a business combination to establish Trump Media Group CRO Strategy, Inc., a digital asset treasury company that will focus on acquiring the native cryptocurrency token of the Cronos ecosystem.
Trump Media Group CRO Strategy will be majority-owned by Yorkville, TMTG, and Crypto.com. The digital asset treasury’s expected funding will consist of $1 billion in CRO, $200 million in cash, and $220 million cash-in mandatory exercise warrants, with an additional $5 billion equity line of credit from an affiliate of Yorkville, YA II PN, Ltd.
The companies said that this will make Trump Media Group CRO Strategy “the first and largest publicly traded CRO treasury company,” and is what they “believe to be the largest digital asset treasury company to market cap ratio in history.”
TMTG, which operates Truth Social, also announced Tuesday “a mutual cooperation agreement and a purchase agreement creating a strategic partnership with Crypto.com.”
TMTG “will introduce a rewards system on the Truth Social and Truth+ platforms that uses the Crypto.com digital wallet infrastructure and that adopts the Cronos (CRO) digital currency as a utility token.”
