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Trump Media & Technology Group and Crypto.com Announce $6.4 Billion Digital Asset Treasury
Trump Media & Technology Group (TMTG), the parent company of Truth Social, has entered into a definitive agreement with Crypto.com and Yorkville Acquisition Corp. to form a new publicly traded digital asset treasury firm called Trump Media Group CRO Strategy, Inc.
The venture is a significant move into the cryptocurrency space, with an anticipated total funding of approximately $6.4 billion. This funding is composed of:
$1 billion worth of CRO tokens (the native token of the Cronos blockchain).
$200 million in cash.
$220 million from mandatory exercise warrants.
A $5 billion equity line of credit from an affiliate of Yorkville.
In a separate, but related, strategic partnership agreement, TMTG and Crypto.com have also agreed to an exchange of assets:
Trump Media will acquire approximately $105 million in CRO tokens.
Crypto.com will purchase $50 million in shares of Trump Media's common stock.
This collaboration aims to integrate the CRO token into TMTG's platforms, including Truth Social and Truth+, by using Crypto.com's digital wallet infrastructure to power a new rewards system. This will allow users to earn and use CRO for subscriptions and other services.
The new entity, Trump Media Group CRO Strategy, is expected to become the largest publicly traded CRO treasury company and will trade under the new ticker symbol "MCGA" on the Nasdaq.
Disclaimer
This information is for informational purposes only and does not constitute financial, investment, or legal advice. The details are based on publicly available news reports and company announcements. Cryptocurrency and stock markets are highly volatile and carry significant risks. You should conduct your own research and consult with a qualified financial professional before making any investment decisions.
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