Trump Media & Technology Group, the parent of US President Donald Trump’s Truth Social platform, finalized an agreement with crypto exchange Crypto.com on Friday that establishes a new entity to accumulate the exchange’s native Cronos (CRO) token, beginning with an initial purchase of 684.4 million CRO as part of a joint treasury strategy.
In a Friday notice, Trump Media said it would buy the tokens at a price of approximately $0.153 each, bringing the total initial purchase to nearly $105 million. The transaction will be carried out as an equal exchange of stock and cash between the companies.
The announcement followed Trump Media Group CRO Strategy, a joint venture established by Trump Media, Crypto.com and Yorkville Acquisition, to establish a $6.4 billion crypto treasury of the CRO token.
According to the company, the agreement will allow Truth Social users to potentially acquire CRO on the platform as part of a rewards program.
The Trump Media shares and the CRO tokens exchanged in the deal will be “subject to a lockup period,” though the company did not specify for how long that might be.
The deal represented a deepening of ties between the crypto industry and the Trump administration, under scrutiny from many lawmakers for potential conflicts of interest with his digital asset ventures.
Crypto.com CEO Kris Marszalek attended a March summit at the White House at the request of Trump officials to discuss the administration’s digital asset policies.
Related: Trump meets with Crypto.com CEO as firm drops SEC lawsuit
Crypto.com signed a non-binding agreement with Trump’s media company in March to launch exchange-traded funds tied to crypto.
The CRO price was about $0.27 at the time of publication, having surged more than 66% since the announcement of the treasury deal on Aug. 26.
Is Crypto.com still considering going public?
In a Tuesday interview, Marszalek said the company “has the numbers” to do a public listing in the US, but had not reached a decision. According to the CEO, Crypto.com had $1.5 billion in revenue in 2024, speculating that 2025 could be even more profitable.
The crypto exchange still holds naming rights over the former Staples Center in Los Angeles, rebranded to the Crypto.com Arena in 2021.
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Source: https://cointelegraph.com/news/trump-media-company-crypto-com-treasury-deal?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
