Trump Media closed a deal to acquire millions of cronos (CRO) tokens. The company disclosed it will pay Crypto.com half cash and half stock.
Truth Social Owner Trump Media Acquires 684M CRO in Stock-Cash Swap
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Strategic Partnership Merges Trump Media and Crypto
The agreement covers 684.4 million CRO tokens. Trump Media, Yorkville Acquisition Corp., and Crypto.com announced their initiative at the end of August. The price is approximately 15.3 cents per cronos (CRO) token. This represents about 2% of the circulating supply. The tokens will be held in institutional-grade custody.
Trump Media CEO Devin Nunes said CRO has tremendous potential. He called it a superior form of payment.
“We’re convinced that CRO has tremendous potential to spread widely as a versatile utility token and a superior form of safe, fast payment and money transfer, and we’re excited to add this innovative asset to our balance sheet,” Nunes remarked.
Crypto.com‘s CEO Kris Marszalek said it was a first step. “This is the first of many steps to driving utility and value for CRO and the Cronos blockchain,” Marszalek stated on Friday. The goal is to drive utility for the Cronos blockchain.
The partnership includes a mutual cooperation agreement. CRO will be integrated into Truth Social and Truth+ platforms. It will form a new rewards system using Crypto.com’s wallet as well, according to the release. The news comes as a large slew of firms have announced bitcoin (BTC) or altcoin treasuries this year.
A separate entity was also formed. Trump Media Group CRO Strategy, Inc. will combine with a SPAC. This will create a digital asset treasury (DAT) company focused on CRO.
