Trump Media Group, associated with former US President Donald Trump, has announced the creation of a new company focused on managing digital assets, aimed at acquiring the CRO token.
Establishment of the Digital Asset Company
Today, Trump Media, Yorkville Acquisition Corp, and Cryptocom announced a partnership to create Trump Media Group CRO Strategy Inc., a digital asset management firm focused on acquiring the CRO token.
Agreement Terms and Funding Structure
The new company aims to acquire the Cronos (CRO) token and hold approximately 19% of the total supply. The deal includes 6.3 billion CRO tokens, $420 million in cash, and a $5 billion credit line, making it the largest public CRO treasury to date.
Market Reaction and Executive Comments
Following the news, the CRO token surged 25% to $0.197. Devin Nunes, CEO of Trump Media, noted that companies are increasingly interested in digital assets by building digital asset treasuries for a comprehensive value proposition. Kris Marszalek, CEO of Cryptocom, added that the size and structure of the project will cover the entire current market capitalization of CRO.
The establishment of Trump Media Group CRO Strategy Inc. marks a significant step in integrating digital assets into the traditional business landscape and highlights the growing interest in cryptocurrencies.
