The partnership will allow Trump Media platform users to pay for subscriptions and services with CRO through the Crypto.com wallet.
Trump Media & Technology Group, Yorkville Acquisition Corp. and Crypto.com announced a definitive agreement to form Trump Media Group CRO Strategy, Inc., a new digital asset treasury company focused on the accumulation and management of CRO, the native token of the Cronos blockchain ecosystem.
The transaction, valued at US$6.42 billion, will create the first and largest publicly traded CRO treasury company. Expected funding includes $1 billion in CRO, over $400 million in cash commitments, and a $5 billion equity line of credit, positioning the company as what is believed to be the largest digital asset treasury-to-market cap ratio in history.
The founding partners – Yorkville, Trump Media and Crypto.com – will enter into a mandatory one-year lock-up period on all founding shareholdings, followed by an additional three-year restrictive release schedule. The company also intends to operate a Cronos validator node, directly participating in network governance and reinvesting staking rewards to grow CRO holdings over time.
Devin Nunes, Chairman and CEO of Trump Media & Technology Group said: “We continue to be bullish on cryptocurrency, and we are excited to be partnering with a leading global cryptocurrency platform and namesake of its industry in Crypto.com and one of the most sophisticated investor groups in Yorkville for this strategic initiative.”
Kris Marszalek, Co-Founder and CEO of Crypto.com added: “The sheer size and structure of this project will encompass more than the entire current market capitalization of CRO, with the additional commitments of over $400 million in cash and a further $5 billion line of credit facility to acquire additional CRO.”
