In brief
- CRO, the native coin of the Cronos network, hit a three-year high price on Wednesday.
- The surge comes after President Donald Trump-backed Trump Media announced it would build a reserve of the cryptocurrency.
- The coin is linked to crypto exchange Crypto.com, which is teaming with Trump Media on the treasury and other moves.
CRO, the native coin of the Cronos network, hit a three-year high price Wednesday after President Donald Trump’s media company announced plans to build a multi-billion-dollar treasury to hold the cryptocurrency.
CoinGecko data shows that CRO is the best-performing digital asset over 24 hours among the top 100 cryptocurrencies by market cap, having shot up in the time by 26% to a price above $0.26. Over a seven-day period, CRO is also the winner, spiking by 83%.
Earlier on Wednesday, the coin surged as high as nearly $0.29. The last time CRO was priced that high was back in May 2022. Even so, at its current price, the coin remains down by 73% from an all-time high mark of $0.96 set back in 2021.
CRO’s rise comes after Trump Media and Technology Group on Tuesday announced with Crypto.com a plan to build a $6.4 billion Cronos treasury dubbed the Trump Media Group CRO Strategy, Inc.
The treasury is being seeded with 6.3 billion CRO tokens—worth $1 billion at announcement, but about $1.63 billion as of this writing—along with $200 million in cash and $220 million in warrants. A further $5 billion equity line of credit has been secured to help fuel future CRO purchases.
Crypto.com is a crypto exchange linked to the Cronos blockchain. Trump Media and Technology Group is backed by President Trump and runs Trump’s social media platform, Truth Social, where the new commander in chief typically makes announcements.
Trump Media said Tuesday that it plans to buy $105 million in CRO—around 2% of the total CRO circulating supply—and Crypto.com added that it will buy $50 million in shares of common stock in Trump Media (TMTG). Both would be subject to a lockup period.
The CRO holdings will also be staked via Crypto.com’s custody platform to earn revenue, the statement added, and Trump Media will also launch a rewards system across its Truth Social social media network and Truth+ streaming video platform, using Crypto.com’s wallet while positioning CRO as a utility token within the Truth ecosystem.
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Source: https://decrypt.co/337078/cronos-3-year-high-after-trump-media-6-4-billion-cro-treasury-move
