"The Trump crypto empire keeps on expanding. On Tuesday, the company that owns the Trump family's media properties announced it has raised $6.42 billion to acquire a supply of a digital token called Cronus, which is issued by Crypto.com, one of the world's largest crypto exchanges. The funding includes a $5 billion credit line, an already acquired stash of $1 billion of Crypto.com's token, $220 million in warrants, and $200 million in cash."
"As part of the deal, Trump Media will also partner with Crypto.com to add the crypto exchange's token and crypto wallet to its platforms. In return, the crypto exchange will buy $50 million of Trump Media's stock, and the Trump public company will buy $105 million of Crypto.com's cryptocurrency. Matt David, an executive for Crypto.com, declined to comment further on any other financial arrangements between the two entities. The Crypto.com treasury company is the latest in the crypto industry's newest trend: digital asset treasuries."
"The billions in capital will be injected into a special purpose acquisition company, or SPAC, called Yorkville Acquisition Corp. The new public company will trade under the ticker MCGA, a play on President Donald Trump's slogan Make American Great Again, or MAGA. Trump Media's stock is up 5.6% over the past day. Crypto.com's token, Cronos, also surged and has jumped 25%."
Trump Media secured $6.42 billion to acquire Cronus tokens from Crypto.com, including a $5 billion credit line, $1 billion already acquired tokens, $220 million in warrants, and $200 million in cash. The capital will be injected into Yorkville Acquisition Corp., a SPAC that will trade under the ticker MCGA. The deal includes a partnership to add Crypto.com's token and wallet to Trump Media platforms, while Crypto.com will buy $50 million of Trump Media stock and Trump’s public company will buy $105 million of Crypto.com's cryptocurrency. The move follows a growing corporate trend of building digital asset treasuries after MicroStrategy’s 2020 Bitcoin purchases.
Read at Fortune Crypto
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