Trump Media is unveiling a digital asset treasury platform to get the $CRO crypto token in new collaboration with Crypto.com and Yorkville Acquisition Corp. As per the reports, Trump Media has agreed to purchase $105M in $CRO in return for Crypto.com’s buyout of $50M Trump Media shares.
As the official statement from Trump Media discloses, the collaborators are putting nearly $6.4B into the Trump Media Group CRO Strategy, Inc., its exclusive crypto entity devoted to acquiring $CRO, the Cronos ecosystem’s native token. In this respect, Cronos and Crypto.com started collaborating back in February.
Trump Media’s agreement includes the purchase of $105M in the form of $CRO tokens. In return for this, Crypto.com is buying $50M in Trump media shares. This exclusive crypto expansion of Trump Media is not the earliest foray of President Trump into the crypto sector. Back in January, the firm unveiled a fintech entity Truth.Fi.
In this respect, Truth.Fi describes the Truth Social movement’s natural expansion. This adds to making U.S.-focused investment vehicles as another move to assist American patriots in shielding themselves from hazards posed by Big Tech corporations.
Trump additionally approved the GENIUS Act in July, offering a robust agenda for digital assets supported by traditional assets like bank deposits or Treasury bills.
Additionally, Trump also approved an order to develop a strategic Bitcoin reserve. Simultaneously, the latest Trump-backed treasury platform will get partial funding from an associate of Yorkville, YA II PN, Ltd. The funding plan will be sourced from $200M in cash, $1B in $CRO, and $220M in cash-in obligatory exercise warrants.
As per the agreement, Trump Media has a strategy to purchase $105M in $CRO, denoting 2% of the cumulative market cap of $CRO. Apart from that, Crypto.com will purchase $50M shares of the common stock of Trump Media. Therefore, the two intend to let Truth Social consumers recompense for subscriptions as well as services.