"Trump Media and Technology Group, which operates the Truth Social media platform, announced Tuesday that it was partnering with the cryptocurrency exchange Crypto.com to form a company that holds CRO, a token created by Crypto.com. A blank check company tied to Yorkville Advisors is another co-founder of the new firm, called Trump Media CRO Strategy. Trump Media said it plans to purchase $105 million worth of CRO."
"Yorkville said the total expected funding for the company's treasury will be $1 billion worth of CRO, or about 19% of the token's market cap, plus $420 million in cash and equivalents and as a $5 billion line of credit. The announcement is part of the hottest trend in crypto, in which a wide variety of companies - many with no obvious ties to the world of digital assets - have made buying and holding cryptocurrency a primary part of their business plan."
Trump Media and Technology Group is partnering with Crypto.com and a Yorkville Advisors-linked blank check company to form Trump Media CRO Strategy, a firm that will hold CRO tokens. Trump Media plans an initial $105 million purchase of CRO, while Yorkville projects a treasury funded with $1 billion worth of CRO (about 19% of the token's market cap), plus $420 million in cash and equivalents and a $5 billion line of credit. Plans include introducing a Truth Social rewards system using Crypto.com wallet infrastructure. CRO's price jumped about 30% to $0.21 after the announcement. The move follows a broader corporate trend of establishing digital asset treasuries.
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