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2d ago

Trump Media, Crypto.com Unveil $6.42 Billion CRO Treasury Via Yorkville SPAC

Listing under the MCGA ticker awaits completion of the Yorkville merger.

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Trump crypto ventures include a memecoin, an NFT collection, a decentralized finance app, ETFs, and now another public company.
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The logo of Crypto.com is seen at a stand during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello/File Photo

Overview

  • The venture’s funding mix includes $1 billion in CRO, $200 million in cash, $220 million in warrants, and a $5 billion equity line of credit from Yorkville affiliate YA II PN, Ltd.
  • At launch the treasury is set to hold about 6.3 billion CRO—roughly 19% of supply—positioning it as the largest single holder of the token.
  • Trump Media will buy about $105 million of CRO for its balance sheet, while Crypto.com will purchase $50 million of Trump Media stock, with all founding partners under a one-year lock-up followed by a three-year release schedule.
  • Plans call for CRO and Crypto.com’s wallet to be integrated into Truth Social and Truth+ for rewards and subscriptions, alongside operating a Cronos validator and staking holdings to earn and reinvest rewards.
  • CRO jumped roughly 25–30% to around $0.20 after the announcement, and the new company is slated to go public via a combination with Yorkville Acquisition Corp. and target the Nasdaq ticker MCGA pending approvals.