Trump Media and Technology Group has joined forces with Crypto.com and Yorkville Acquisition to establish a new venture focused on the CRO cryptocurrency.
Agreement for CRO Strategy
Trump Media, Crypto.com, and Yorkville Acquisition have signed a definitive agreement to establish Trump Media Group CRO Strategy. The new entity will focus on acquiring Cronos (CRO), the cryptocurrency developed by Crypto.com.
Funding and Goals of the New Entity
According to the announcement, Trump Media Group CRO Strategy will be funded with $1 billion in CRO tokens, $420 million in cash and warrants, plus a $5 billion credit line from an affiliate of Yorkville. The aim is to create a digital asset treasury of at least $6.42 billion.
Long-term Plans and Restrictions
The partners have agreed to a mandatory one-year lock-up period for their shares. This will include all granted warrants following the closing of the business combination. An additional three-year restrictive release schedule is expected to follow the initial lock-up period.
The establishment of Trump Media Group CRO Strategy reflects the growing interest in cryptocurrencies and their potential impact on traditional business models.
