Trump Media Group has announced plans to launch CRO Strategy in partnership with crypto exchange Crypto.com. The company will be the first Cronos treasury company and will hold up to 19% of the token’s total supply.
Trump Media Group and Crypto.com Unveil $1 Billion CRO Strategy
In a press release, Trump Media Group announced that CRO Strategy will acquire $1 billion of CRO for its treasury, representing 19% of the token’s total supply. This came as 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.
This will be a digital asset treasury company that will focus on acquiring the native token of the Cronos ecosystem, which the top crypto exchange has ties to. Meanwhile, Yorksville Acquisition Corp, a special purpose acquisition company (SPAC), was also part of the deal.
At the close of the Business Combination, Trump Media Group, Yorkville, and Crypto.com will come together as the majority owners and founding partners of the treasury company. Meanwhile, the president’s company revealed that CRO Strategy’s treasury will also consist of $200 million in cash and $220 million in cash-in mandatory exercise warrants.
Furthermore, there will be an additional $5 billion equity line of credit from Yorkville’s affiliate, bringing the company’s treasury up to $6 billion, making it the first and largest traded CRO treasury company. The company could also be the largest digital asset treasury company by market cap ratio in history.
This announcement has provided a massive boost for the Cronos price, which is up today. TradingView data shows that the token is currently trading at around $0.1948, up over 26% in the last 24 hours.
Trump’s Company Announces Strategic Partnership With Crypto.com
In addition to the unveiling of the CRO Strategy, Trump Media announced in a separate release that it has signed a mutual cooperation agreement and purchase agreement creating a strategic partnership with Crypto.com.
Under the mutual cooperation agreement, Trump Media will integrate the CRO token on its Truth Social and Truth+ platforms. Furthermore, the company will partner with the crypto exchange to create an updated rewards system and allow users of this social media platform to use the exchange’s digital wallet infrastructure to convert rewards into CRO and other benefits.
Truth users will also be able to pay for subscriptions and services with their Crypto.com CRO balance and enjoy free or discounted subscriptions when they open an account with the crypto exchange.
Boluwatife Adeyemi
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Source: https://coingape.com/trump-media-groups-cro-strategy-to-acquire-1b-cro-for-treasury-cronos-up/