According to Bloomberg, US President Donald Trump’s company, Trump Media Group, aims to establish a CRO treasury company and acquire $6.42 billion worth of CRO for this purpose.
Trump Media, Yorkville Acquisition Corp, and Cryptocom have entered into a partnership today to establish Trump Media Group CRO Strategy Inc., a digital asset treasury firm focused on acquiring the Cronos native token CRO, the official announcement announced.
Under this agreement, the new company aims to acquire Cronos (CRO), Cryptocom’s native token, and hold approximately 19% of the supply.
This deal includes 6.3 billion CRO tokens, $420 million in cash, and a $5 billion credit line, making it the largest public CRO treasury to date.
“This will make Trump Media the first and largest publicly traded CRO treasury company.”
Additionally, Trump Media platforms, especially Truth Social, will integrate the CRO token into their systems.
Following the news, CRO surged 25% to $0.197.
“Financial markets are becoming increasingly digital every day, and companies of all sizes and sectors are strategically planning for the future by building digital asset treasuries that create a comprehensive value proposition and are poised to deliver even greater benefits,” said Devin Nunes, CEO of Trump Media. “We remain committed to cryptocurrencies and are excited to partner with Cryptocom, the leading global cryptocurrency platform in the industry, and one of Yorkville’s most sophisticated investor groups on this strategic initiative.”
Kris Marszalek, CEO of Cryptocom, said: “The size and structure of this project will cover the entire current market capitalization of CRO, with over $400 million in cash and an additional $5 billion in credit available to acquire additional CROs. This, combined with the equity lock-ups by both parties and the treasury’s validator strategy, makes it a unique and attractive proposition compared to all other digital asset treasuries.”
Trump Media and Technology Group had previously signed an agreement with the Cryptocom exchange to launch altcoin ETFs.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/donald-trump-takes-action-for-this-altcoin-6-4-billion-treasury-will-be-created-huge-price-jump/
