NEW YORK — Trump Media & Technology Group and Crypto.com on Tuesday agreed to a deal with a blank-check acquisition company to launch a new venture that will pursue a treasury-style strategy to accumulate the cryptocurrency platform’s native token CRO, deepening the ties of US President Donald Trump to the industry.
The two companies are the latest to seek to incorporate the playbook of Michael Saylor’s Strategy, formerly known as MicroStrategy, a software company that began accumulating bitcoin in 2020. The company’s bitcoin holdings are now worth about $100 billion, based on current prices. Its shares soared fivefold alongside bitcoin’s price in 2024.
Trump Media shares were up 6.6 percent at $18.36 on Tuesday afternoon.
The new company, Trump Media Group CRO Strategy, will go public via a merger with blank-check firm Yorkville Acquisition Corp (YORK.O) and be listed on the Nasdaq under the symbol MCGA.
Following the announcement, the CRO token shot up 29.6 percent to 20 cents, according to CoinGecko. Yorkville’s shares were down 2.2 percent at $10.42.
Cronos has a market value of $6.8 billion, a fraction of the $3.9 trillion global crypto market cap, according to CoinGecko.
Trump Media, which runs Donald Trump’s Truth Social streaming and social media platform, said earlier this year it was partnering with Crypto.com to launch exchange-traded funds and products through its Truth.Fi brand.
