Trump Media teams up with Crypto.com to buy $6.4B in CRO

Trump Media & Technology Group has announced the signing of an agreement to establish a digital asset treasury company aimed at purchasing Crypto.com’s Cronos (CRO) token. The new entity, named Trump Media Group CRO Strategy, will be jointly owned by Trump Media, Yorkville Acquisition, and Crypto.com. The company plans to acquire up to $6.42 billion worth of CRO tokens, beginning with an initial $1 billion raise to accumulate 6.31 billion CRO—equivalent to 19% of the token’s market capitalization. In addition, the venture has secured $200 million in cash and $220 million in cash-in mandatory exercise warrants, with plans to obtain an equity line of credit worth $5 billion from an affiliate of Yorkville to further finance the purchases.