The Key Points
- Trump Media buys 684M CRO tokens worth $105M
- Truth Social’s new incentive system powered by CRO
- A new entity will manage the CRO Treasury of $6.42 billion
Trump Media & Technology Group, a group linked to the former U.S. president Donald Trump, struck a deal with Crypto.com that involved purchasing 684.4 millions Cronos tokens (CRO), valued at $105 million.
The tokens of CRO were bought at $0.153 per token, which represents about 2% the token’s supply. This acquisition forms part of an overall plan to integrate CRO with the Truth Social ecosystem and the forthcoming Truth+ streaming service.
The company claims that CRO is going to be part of a new incentive program, and the Crypto.com wallet will play a major role.
Launch of new CRO-Focused Entity
Trump Media Group announced that in addition to its token acquisition, it has created Trump Media Group CRO Strategy, Inc., which will be a subsidiary managing a CRO Treasury of $6.42 Billion.
A definitive merger agreement has been signed with Yorkville’s SPAC, YA II PN, Ltd., paving way for a listing.
CEO Devin Nunes described the move as a step in the right direction:
We believe CRO is a great solution for a fast, secure and universal payment system. “We’re thrilled to add this new asset to our portfolio.”
CRO’s prices on Binance jumped over 3% following the announcement. This was a sign of market optimism.
Trump Media, which is a major Bitcoin holder, has applied for an ETF that would be backed by crypto assets. This includes CRO.
This latest move positions the company as not only a major player in media, but as an important contender within the crypto-economy.
