Trump Media purchased 684.4 million CRO from Crypto.com.
This is part of the strategic partnership between the two companies.
Trump Media also created a subsidiary to manage the CRO reserve and to enter the stock market.
The Trump Media and Technology Group Corp., associated with U.S. President Donald Trump, closed a deal with the Crypto.com exchange. According to it, the firm bought 684.4 million Cronos (CRO) tokens.
The assets were acquired at a price of $0.153. Taking this into account, the total amount of the deal was $105 million. The indicated volume of CRO is about 2% of the circulating supply of the asset.
The deal is part of a global strategy to integrate the token into the Truth Social ecosystem, including the streaming service Truth+. The asset will be part of the rewards system, an important element of which is also the Crypto.com wallet.
In addition, as part of this strategic partnership, Trump Media announced the establishment of Trump Media Group CRO Strategy, Inc. The firm will manage the CRO treasury amounting to $6.42 billion.
It is expected that the new organization will be public. It has reached a final agreement with the SPAC firm Yorkville, YA II PN, Ltd. for a merger, which will enable it to go public.
"Trump Media is pleased to enter into this agreement and quickly move forward with the implementation of our strategic partnership with Crypto.com. We are confident that CRO has tremendous potential for widespread adoption as a universal utility token and an excellent means of secure and fast payments and money transfers, and we are excited to add this innovative asset to our balance sheet," said CEO Devin Nunes.
The asset reacted to the news with an increase of over 3%:
Trump Media is also a major holder of the first cryptocurrency. Previously, the company also filed for the launch of an exchange-traded fund based on a basket of crypto assets, including CRO.