Trump Media Executives Eye Acquisition of U.S. Crypto Firm

According to Cointelegraph, three executives from Trump Media & Technology Group are leading a company that may seek to acquire a U.S.-based cryptocurrency or blockchain firm. This move aligns with the Trump administration's support for the sector. The executives are aiming to secure a $179 million public and private offering through Renatus Tactical Acquisition Corp I, a special-purpose acquisition company (SPAC) based in the Cayman Islands. This information was revealed in a regulatory filing dated March 14, initially reported by Forbes. Eric Swider, CEO of Renatus Tactical, is also a director at Trump Media and previously served as CEO of Digital World Acquisition Corp., a SPAC that facilitated Trump Media's public listing. Alexander Cano, the operating chief of Renatus Tactical, was the president of Digital World, while Devin Nunes, CEO and chair of Trump Media, also chairs Renatus Tactical. Renatus Tactical has not specified its acquisition targets but mentioned the possibility of acquiring "one or more businesses" and investing in data security and technology for both military and non-military applications. The company intends to focus on high-potential businesses within the United States, although it is open to opportunities in various industries worldwide. The SPAC plans to raise over $178.94 million through the sale of 17.5 million public shares at $10 each and more than 3.94 million private placement warrants at $1 each. In its filing, Renatus Tactical highlighted U.S. President Donald Trump's administration's significant efforts to incorporate digital assets into the national financial strategy. This includes Trump's executive orders to establish a Bitcoin reserve and a crypto stockpile, as well as a directive for a working group to propose cryptocurrency regulations. Despite these initiatives, the company acknowledged potential challenges due to its association with Trump and Trump Media. Some entities may hesitate to engage with Renatus Tactical because of its management team's and board of directors' affiliations with Trump. This issue has also affected Tesla, whose share price has dropped over 40% this year, partly due to CEO Elon Musk's role as a White House cost-cutting czar, leading to backlash and vandalism against Tesla properties across the U.S. Trump holds a majority stake in Trump Media, which operates the social media platform Truth Social. Forbes estimates Trump's net worth at approximately $4.8 billion, while Bloomberg suggests it exceeds $6.5 billion. Both sources agree that his 114.75 million shares in Trump Media, valued at $2.36 billion at the current closing price of $20.59, constitute a significant portion of his wealth. Trump placed these shares in a trust in December to mitigate potential conflicts of interest before his inauguration.