Trump Media & Technology Group and cryptocurrency exchange Crypto.com have announced a deal to launch a new venture focused on accumulating the platform’s native token, CRO. The agreement, made with a blank-check acquisition company, deepens U.S. President Donald Trump’s ties to the cryptocurrency industry. The new entity, named Trump Media Group CRO Strategy, will pursue a treasury-style investment strategy, mirroring the successful playbook of Michael Saylor’s company, which began aggressively accumulating bitcoin in 2020 and has seen its holdings and stock price soar.
The new venture will go public through a merger with a special purpose acquisition company (SPAC) called Yorkville Acquisition Corp. Upon completion of the merger, the company is expected to be listed on the Nasdaq stock exchange under the symbol “MCGA.” The market reacted swiftly to the news, with the price of the CRO token surging 29.6% to 20 cents. Shares of Trump Media also saw a boost, rising 6.6% on the afternoon of the announcement.
This partnership builds on an existing relationship between the two companies. Earlier this year, Trump Media, which operates former President Trump’s Truth Social platform, announced it was partnering with Crypto.com to launch exchange-traded funds and products through its Truth.Fi brand. The new strategy effectively institutionalizes the CRO token by anchoring Truth Social’s rewards economy and corporate reserves in it.
Analysts see this move as a significant endorsement of a corporate treasury strategy centered around a specific cryptocurrency. “By anchoring Truth Social’s rewards economy and corporate reserves in CRO, Trump Media is effectively institutionalizing the token,” said Alice Liu, head of research at crypto data provider CoinMarketCap. Despite the surge, Cronos has a market value of $6.8 billion, which remains a fraction of the $3.9 trillion global cryptocurrency market.
