Trump Media and Technology Group, owner of US President Donald Trump’s Truth Social platform, has announced a business collaboration with cryptocurrency exchange Crypto.com and blank check company Yorkville Acquisition.
Trump Media, Crypto.com, and Yorkville Acquisition have finalized an agreement to jointly create Trump Media Group CRO Strategy, as stated in an official announcement on Tuesday.
This new entity will serve as a digital asset treasury company focused on acquiring Cronos (CRO), the native cryptocurrency of the Cronos blockchain established by Crypto.com.
Majority-owned by Trump Media, Crypto.com, and Yorkville, Trump Media Group CRO Strategy aims to accumulate a treasury totaling at least $6.42 billion.
“Largest publicly traded CRO treasury”
As per the announcement, Trump Media Group CRO Strategy will finance its digital asset treasury with $1 billion in CRO tokens, $420 million in cash and warrants, and a $5 billion credit line from a Yorkville affiliate.
This capital will position CRO Strategy as the “first and largest publicly traded CRO treasury company,” with hopes of becoming the “largest digital asset treasury company to market cap ratio in history,” according to the announcement.
To solidify their long-term commitment to Trump Media Group CRO Strategy, all three partners will observe a mandatory one-year initial lock-up period on their founding shares. This lock-up will encompass all granted warrants following the completion of the business combination.
An additional three-year restricted release schedule is anticipated after the initial lock-up period.
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This is a developing story, and further details will be added as they emerge.
