Trump Media and Technology Group (DJT) has completed its deal to acquire Cronos tokens from Crypto.com, marking a significant step in its strategic development.
Deal Details
Trump Media announced the completion of its acquisition of 684.4 million Cronos (CRO) tokens from Crypto.com at a price of approximately $0.15 per token. The purchase was made half in cash and half in stock, representing about 2% of the current circulating supply of CRO. The company plans to acquire an additional 19% of the circulating supply through the Trump Media Group CRO Strategy.
Plans for Token Utilization
CRO tokens will be integrated into Trump Media's platforms, such as Truth Social and Truth+, as part of the rewards program using Crypto.com's digital wallet infrastructure. Additionally, Trump Media Group CRO Strategy has signed a merger agreement with Yorkville Acquisition Corp., aiming to create a digital asset treasury focused on CRO.
Executive Opinions
Devin Nunes, CEO and Chairman of Trump Media, stated: "We believe CRO has great potential as a fast and secure payment solution. We are excited to add this innovative asset to our balance sheet." Kris Marszalek, CEO of Crypto.com, remarked, "This is the first step in creating value for CRO and the Cronos blockchain. We are proud to support Trump Media with our institutional-grade custody service."
The completion of the acquisition deal by Trump Media for Cronos tokens demonstrates the company's strategic focus on integrating cryptocurrency into its platforms and furthering the development of the digital asset market.
