The price of the CRO token, linked to Crypto.com’s Cronos blockchain project, surged by 25% following the announcement of a major partnership with Trump Media & Technology Group (TMTG).
SPAC firm Yorkville Acquisition Corp, TMTG, and Crypto.com have finalized a business combination agreement. The parties will establish Trump Media Group CRO Strategy, Inc., a digital asset management company focused on acquiring CRO.
Yorkville Acquisition Corp. will apply to list its Class A common stock on Nasdaq under the ticker MCGA.
The treasury of the new entity will consist of:
“The Trump Media Group CRO strategy involves using the funds raised to create a digital asset reserve in CRO,” the press release states.
TMTG will also integrate the Cronos token into the Truth Social network and the streaming platform Truth+. Crypto.com will provide the infrastructure for crypto wallets.
In March, Trump Media and the crypto exchange had already signed a non-binding agreement. The collaboration aimed to launch a series of exchange-traded funds under the Truth.Fi brand. At that time, CRO also showed a 30% increase.
Meanwhile, Axios reported on investments by the venture fund 1789 Capital, partnered by Donald Trump Jr., in the prediction platform Polymarket.
According to journalists, the fund invested “a double-digit million sum.” Previously, Founders Fund valued the project at over $1 billion.
As part of the deal, Trump Jr. will join Polymarket’s advisory board.
1789 Capital first began talks with the platform about 18 months ago, but the fund awaited a clear legal path to enter the U.S. market.
The organization views Polymarket as a potential candidate for an IPO. Its portfolio also includes SpaceX and Anduril.
Back in May, TMTG issued common stock worth ~$1.5 billion and secured convertible bonds worth $1 billion. The proceeds were intended for Bitcoin acquisition.
