The coin’s market valuation surged past $11.2 billion at the time of writing, making it the 21st-largest cryptocurrency, according to CoinGecko data.
Cronos coin CRO surged to an over three-year high as it continued to draw investors after its creator, Crypto.com, agreed to sign a deal with Trump Media & Technology and a blank-check firm to create a crypto treasury company focused on buying and holding CRO tokens.
The coin’s market valuation has surged past $11.2 billion at the time of writing, making it the 21st-largest cryptocurrency, according to data from CoinGecko. It remains the top trending cryptocurrency on Stocktwits over the past 24 hours.
The deal includes the acquisition of 6.3 billion CRO tokens, about 19% of its circulating supply, as well as $200 million in cash and $220 million via warrant exercise. A $5 billion equity credit line, an affiliate of the black check firm Yorkville, will also support operations.
“We need to work with companies like Crypto.com with tokens that the American people can trust,” Trump Media CEO Devin Nunes said in an interview with Real America’s Voice on Wednesday.
CRO is the backbone of Cronos, a high-speed blockchain infrastructure supporting decentralized finance, payments, and smart contracts. Cronos is designed for integration into traditional finance and is already embedded within Crypto.com’s ecosystem.
Retail sentiment on Stocktwits about CRO was in the ‘extremely bullish’ territory at the time of writing, while retail chatter was ‘extremely high.’
Crypto.com CEO Kris Marszalek wrote on X that the holdings of CRO by Trump Media have already exceeded a $2 billion valuation.
According to a Bloomberg News report, Marszalek had already established a relationship with President Donald Trump and his businesses prior to the deal. He was among the first crypto executives to visit the President in his Mar-a-Lago estate in Florida, after his electoral victory last year.
The company also reportedly donated $1 million to Trump’s inaugural committee. Foris Dax Inc., the parent entity of Crypto.com, also gave $10 million to Trump’s super PAC, MAGA Inc., in February.
The Securities and Exchange Commission was also investigating Crypto.com on allegations of operating as an unregistered broker-dealer and securities clearing agency. However, the regulator had closed the investigation in March without taking any action.
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