Trump Media and Crypto.com to create crypto treasury in US$6.4b deal — Capital Brief
The news: Trump Media & Technology Group (TMTG) and Crypto.com announced plans to launch a company that will implement a treasury-style strategy to accrue Crypto.com’s native token, cronos (CRO), deepening US President Donald Trump’s ties to the crypto industry.
The numbers: The CRO crypto token rose 22.6% to US$0.19 ($0.29) on the announcement, while Trump Media’s shares jumped 4.2% to US$17.94. According to CoinGecko data, CRO was last valued at US$6.8 billion.
The context: A statement released by TMTG explains that the new company, Trump Media Group CRO Strategy, will go public via a special purpose acquisition company (SPAC), Yorkville Acquisition Corp.
Funding for the SPAC is expected to consist of US$1 billion in CRO token…
