President Donald Trump’s personal crypto ventures are expanding again, this time with plans for a digital asset treasury company that holds an alternative cryptocurrency.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.The model is based on MicroStrategy, a tech firm that first started buying bitcoin in 2020 and has seen its stock price soar.“Companies of all sizes and sectors are strategically planning for the future by establishing digital asset treasuries anchored by assets that have created a comprehensive value proposition and are poised for even greater utility,” Devin Nunes, the chairman and CEO of Trump Media, said in a statement.Trump Media said it plans to introduce a “rewards system” on Truth Social that uses Crypto.com digital wallet infrastructure.
CRO saw its price jump Tuesday morning by about 30% to 21 cents a token.It’s still far off from its all-time high of nearly 97 cents a token that it hit in 2021.
Since taking office, the Trump administration has pushed for crypto-friendly regulations and laws, while the Trump family has aggressively sought to expand its crypto-related businesses.Popular ReadsNational Guard troops i...