Crypto.com cryptocurrency rises 165% after Trump Media announces CRO reserve
Shares of Trump Media and Yorkville Acquisition did not rise as much with the surge of CRO.
Trump Media & Technology Group (Nasdaq: DJT), Donald Trump's company, announced on Tuesday (26) that it will be creating a strategic reserve of the Cronos (CRO) cryptocurrency, linked to the broker Crypto.com.
This led to CRO rising 30.4% on the first day, but the cryptocurrency continues to appreciate. After reaching $0.37 this Thursday (28), the coin has accumulated gains of 165% in the last 7 days.
The strategy is the same as Strategy (NASDAQ: MSTR) accumulating Bitcoin or BitMine (NASDAQ: BMNR) accumulating Ethereum.
Trump Media announces strategic reserve of Cronos (CRO)
In addition to Trump Media, the strategy will also be led by Yorkville Acquisition Corp. (Nasdaq: YORK) and Crypto.com itself. In total, the forecast is for an investment of $6 billion in the Cronos (CRO) cryptocurrency.
The first investment of $1 billion would be equivalent to 19% of CRO's market value at the time of publication. Therefore, the other $5 billion would equal the market cap of the currency at the beginning of the week, which explains its appreciation.
Data from CoinMarketCap shows that Cronos (CRO) is up 65% in the last 24 hours and 165% in the last 7 days, being the cryptocurrency that has risen the most this week.