Trump Firm Executives Establish SPAC to Acquire Cryptocurrency Companies

Three executives from Trump Media & Technology Group, founded by Donald Trump, have established a special purpose acquisition company (SPAC) to acquire American cryptocurrency businesses.

Renatus Tactical Acquisition Corp I, registered in the Cayman Islands, aims to “focus its search on promising enterprises based in the U.S. in the cryptocurrency and blockchain markets, data security, and dual-use technologies.”

The new firm plans to raise $178.9 million through the sale of 17.5 million shares and intends to conduct the proposed business merger via both an IPO and a private securities offering to select investors.

Eric Swider, a board member of Trump Media, is listed as CEO of Renatus. Alexander Cano, former president of a company merged with Trump Media and with media experience at HBO, TiVo, and DIRECTV, has been appointed Chief Operating Officer. Devin Nunes, head of Trump’s company, has become chairman of Renatus.

“Experience in finance, technology, and public policy […] enables us to identify and capitalize on opportunities in the emerging digital asset ecosystem, leveraging strategic insights, industry connections, and a forward-thinking approach to create value,” the company stated.

The final decision regarding the composition and size of the board of directors has yet to be made.

Earlier in March, the Trump family-affiliated company World Liberty Financial denied reports of acquiring a stake in the American business of the Binance cryptocurrency exchange.