Crypto.com’s utility token, Cronos (CRO), jumped more than 20% after news broke of a major partnership with Trump Media and Technology Group.
The two firms are creating a digital asset treasury company worth over $6.4 billion, which will hold a substantial amount of CRO.
The announcement pushed CRO to $0.2303 before settling around $0.2207, still up more than 38% on the day.
With a market value of about $7.43 billion, Cronos now ranks among the top 22 crypto projects globally.
Source: CoinMarketCap
The new entity, named Trump Media Group CRO Strategy, will be formed through a merger with Yorkville Acquisition Corp., a special purpose acquisition company (SPAC).
Once finalised, it will trade on the Nasdaq under the ticker symbol MCGA, a reference to Donald Trump’s slogan.
The venture takes inspiration from MicroStrategy, the software firm that became widely known for its massive bitcoin holdings.
Expected funding includes $1 billion in CRO tokens, representing nearly one-fifth of the token’s total market cap, alongside $200 million in cash, $220 million in warrants, and a $5 billion equity line of credit from a Yorkville affiliate.
As part of the agreement, Trump Media will buy $105 million worth of CRO, while Crypto.com will acquire $50 million in Trump Media’s common stock.
The move establishes a cross-holding structure designed to bind the two businesses together financially.
Trump Media also confirmed that its CRO holdings will be staked with Crypto.com to generate additional yield.
Kris Marszalek, CEO of Crypto.com, called it “a historic day for Cronos,” stressing the scale of the token’s adoption under the deal.
Devin Nunes, chairman and CEO of Trump Media, said the plan reflects how companies “are strategically planning for the future by establishing digital asset treasuries anchored by assets that have created a comprehensive value proposition.”
Beyond the treasury strategy, the partnership will integrate CRO into Trump Media’s Truth Social platform.
Users will be able to convert in-app “gems” into CRO, effectively turning social engagement into cryptocurrency ownership.
Subscriptions to Truth+ and other services will also be payable in CRO, creating a circular economy built around the token.
Source: Truth+
Alice Liu, head of research at CoinMarketCap, described the move as “effectively institutionalising the token” by embedding it into Truth Social’s ecosystem.
The announcement adds to a growing list of crypto-linked projects involving the Trump family.
Earlier this year, World Liberty Financial, another Trump-backed venture, allowed its tokens to become tradable, while meme coin $TRUMP has been gaining traction, with an exchange-traded fund application filed by Canary Capital to track its price.
On the same day as the CRO deal, 1789 Capital, an investment firm that includes Donald Trump Jr. as a partner, revealed plans to back Polymarket, a blockchain-based predictions platform.
Trump Jr. is also joining its advisory board.
Trump Media shares rose 6.6% to $18.36 following the announcement, while Yorkville’s stock dipped 2.2% to $10.42.
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