Trump Media & Technology Group announced on Friday that it closed a $105 million agreement with Crypto.com to acquire 684.4 million Cronos (CRO) tokens.
The purchase, priced at roughly $0.153 per token, represents about 2% of CRO’s circulating supply and was settled through a 50-50 mix of cash and Trump Media stock. Both the tokens and shares exchanged will be subject to a lock-up period, according to the company’s press release.
The acquired tokens will be held with Crypto.com Custody, its institutional-grade storage service, and staked to generate additional revenue.
Trump Media said the partnership will also integrate CRO into Truth Social and Truth+ platforms as part of a rewards system using Crypto.com’s wallet infrastructure.
Devin Nunes, Trump Media’s chairman and CEO, called CRO a “versatile utility” for payments and transfers, while Crypto.com CEO Kris Marszalek described the deal as the first of many steps to expand adoption of the Cronos blockchain.
The purchase builds on Trump Media’s prior creation of Trump Media Group CRO Strategy, Inc., which has signed a definitive agreement to merge with Yorkville Acquisition Corp., a special-purpose acquisition company.
The new entity is designed to serve as a dedicated CRO treasury, targeting up to 19% of the token’s supply. The company presented the move as a long-term strategy to embed Cronos within its media and financial ecosystem, though it also acknowledged forward-looking risks tied to regulation, volatility, and competition in blockchain infrastructure.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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Source: https://blockworks.co/news/trump-media-finalizes-cronos-purchase
