Trump Media to Acquire $6.4 Billion in CRO

CRO token price surged 25% after Trump Media partnership announcement.

The price of the CRO token, linked to Crypto.com’s Cronos blockchain project, surged by 25% following the announcement of a major partnership with Trump Media & Technology Group (TMTG).

SPAC firm Yorkville Acquisition Corp, TMTG, and Crypto.com have finalized a business combination agreement. The parties will establish Trump Media Group CRO Strategy, Inc., a digital asset management company focused on acquiring CRO.

Yorkville Acquisition Corp. will apply to list its Class A common stock on Nasdaq under the ticker MCGA.

The treasury of the new entity will consist of:

• 6.3 billion CRO (19% of total issuance) valued at $1 billion;
• $200 million in fiat;
• $220 million in mandatory warrants;
• an additional $5 billion credit line.

“The Trump Media Group CRO strategy involves using the funds raised to create a digital asset reserve in CRO,” the press release states.

TMTG will also integrate the Cronos token into the Truth Social network and the streaming platform Truth+. Crypto.com will provide the infrastructure for crypto wallets.

In March, Trump Media and the crypto exchange had already signed a non-binding agreement. The collaboration aimed to launch a series of exchange-traded funds under the Truth.Fi brand. At that time, CRO also showed a 30% increase.

Betting on Betting

Meanwhile, Axios reported on investments by the venture fund 1789 Capital, partnered by Donald Trump Jr., in the prediction platform Polymarket.

According to journalists, the fund invested “a double-digit million sum.” Previously, Founders Fund valued the project at over $1 billion.

As part of the deal, Trump Jr. will join Polymarket’s advisory board.

1789 Capital first began talks with the platform about 18 months ago, but the fund awaited a clear legal path to enter the U.S. market.

The organization views Polymarket as a potential candidate for an IPO. Its portfolio also includes SpaceX and Anduril.

Back in May, TMTG issued common stock worth ~$1.5 billion and secured convertible bonds worth $1 billion. The proceeds were intended for Bitcoin acquisition.