Trump Media and Technology Group (DJT) has signed a strategic partnership with Crypto.com to integrate the cronos (CRO) cryptocurrency and the exchange’s digital wallet infrastructure into its platforms Truth Social, according to a press release.
The partnership coincides with the launch of Trump Media Group CRO Strategy Inc., a separate vehicle that has entered into a definitive agreement to merge with special purpose acquisition company Yorkville Acquisition Corp (YORK).
Upon completion, the entity will trade under the ticker MCGA (“Make CRO Great Again”) and, according to Crypto.com CEO Kris Marszalek, become the world’s largest holder of CRO with around 6.3 billion tokens, valued at roughly $1 billion at the time of announcement.
Marszalek described the initiative as “a historic day for CRO,” pointing to an initial $200 million in cash earmarked for further token purchases, plus additional commitments that could bring total available funds to around $420 million, alongside a $5 billion credit line.
“This presents a differentiated opportunity for investors in the digital asset treasury space,” he said in a tweet, adding that the mission of Trump Media Group CRO Strategy is to maximize what he called a “flywheel effect,” which involves raising funds to acquire more CRO.
The deal includes the creation of a new rewards system that will allow users to convert platform “gems” into CRO tokens, with further plans to enable subscription payments and discounted services using CRO.
As part of the agreement, Trump Media will purchase about $105 million worth of CRO, roughly 2% of the token’s total market cap, while Crypto.com will buy $50 million in Trump Media stock.
Trump Media said it will custody and stake its CRO holdings with Crypto.com for additional revenue. Following the announcement, CRO’s price rose from 16 cents to 20 cents.