A deal with Crypto.com has led to the establishment of a Cronos Treasury by the Trump Media and Technology Group. The company confirmed the acquisition of 684.4 million Cronos (CRO) tokens. This is valued at about $105 million, in a transaction split between stock and cash.
Trump Media Expands Fintech Vision With Cronos Treasury and Crypto.com Partnership
According to a press release, the purchased CRO tokens represent around two percent of its circulating supply. Trump Media will safeguard these holdings with Crypto.com custody, an institutional-grade platform that enables secure storage and staking. This setup allows Trump Media to earn additional revenue. This also helps build its Cronos treasury as the firm builds its long-term digital asset strategy.
Devin Nunes, CEO and Chairman of Trump Media, described the acquisition as a move to strengthen the company’s fintech ambitions. He stated that CRO’s potential as a payment solution and fast settlement tool was part of the reason for establishing this Cronos treasury. Meanwhile, Crypto.com CEO Kris Marszalek noted that the partnership would showcase CRO’s utility and value, backed by secure custody and staking infrastructure.
In addition to the token buy, there is product integration. Truth Social and Truth+ will also include CRO as the foundation to build a rewards system that runs on the wallet technology of Crypto.com. This marks one of the clearest steps yet in weaving blockchain-based incentives into Trump Media’s consumer platforms. This CRO purchase could be a part of the plan for Trump Media to have a one-billion-dollar Cronos treasury.
This move also aligns with the launch of Trump Media Group CRO Strategy, Inc., a dedicated vehicle for establishing the Cronos treasury. That entity is pursuing a merger with Yorkville Acquisition Corp, a Nasdaq-listed SPAC. If successful, the new firm would concentrate on building a treasury centered on Cronos, adding to Trump Media’s influence in the blockchain space.
Price Of CRO Go Up as Trump Media Deal Increases Market Confidence
Cronos itself is scalable and interoperable, and can serve as a platform on which decentralized finance, commerce, and infrastructure applications can be built. By joining Trump Media, the network acquires one of its biggest institutional backers so far.
Trump Media has solidified its interest towards digital assets by securing such massive amounts of CRO tokens, and by tying it to Truth Social and Truth+. As part of exploring the crypto space, Trump Media has also grown a Bitcoin treasury, which recently crossed $2 billion in value.
The rising CRO price shows markets are already responding to the move. It also sets the stage for further integration between mainstream media, fintech, blockchain ecosystems and the growing Cronos treasury by Trump media.
The announcement had a direct effect on CRO’s market activity. According to TradingView data, CRO opened near $0.268 and surged to $0.274 by mid-afternoon. That represents a gain of over 2% in a few hours.
CRO jumped over 2% as Trump Media’s $105 million Cronos treasury creation boosted confidence.Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Source: https://coingape.com/trump-media-acquires-684m-cro-for-cronos-treasury/
