Trump Media’s CRO Bet Sends Token Soaring Past BTC, ETH
The post Trump Media’s CRO Bet Sends Token Soaring Past BTC, ETH appeared on BitcoinEthereumNews.com. Trump Media struck a deal with Crypto.com and Yorkville to launch a CRO treasury venture. The new entity, MCGA, will hold about one-fifth of all CRO tokens. CRO surged nearly 30%, beating bitcoin and ethereum’s flat performance. Trump Media & Technology Group has struck a high-profile deal with Crypto.com and blank-check firm Yorkville Acquisition Corp to launch a new treasury-style company focused on the exchange’s native token, Cronos (CRO). The announcement sparked a frenzy in the markets on Tuesday, sending CRO soaring nearly 34% to $0.21, outpacing both Bitcoin (BTC) and Ethereum (ETH), which also turned green today. New Entity to be Listed on Nasdaq The new entity, Trump Media Group CRO Strategy, will list on Nasdaq under the ticker MCGA, short for “Make Crypto Great Again.” Modeled on Michael Saylor’s MicroStrategy playbook of accumulating Bitcoin as a corporate treasury reserve, the venture will build a large-scale position in CRO. In fact, the deal is structured so that the new company will ultimately hold roughly one-fifth of all outstanding CRO tokens, a concentration far greater than MicroStrategy’s roughly 3% share of Bitcoin’s total supply. Related: World Liberty Financial Sets Sept 1 Launch for WLFI Token on Ethereum Under the terms, Crypto.com will transfer about 684 million CRO tokens (worth $105 million) to Trump Media in exchange for stock and cash. Trump Media itself will purchase an additional $105 million in CRO for its balance sheet, while Crypto.com has committed to buying $50 million of Trump Media stock. $5B Equity Line of Credit The venture also secured access to a $5 billion equity line of credit through Yorkville, giving it firepower that exceeds the entire current market capitalization of CRO, which stands at about $7.2 billion. Trump Media shares climbed more than 5.23% following the news, while Yorkville’s stock dipped modestly. …
The post Trump Media’s CRO Bet Sends Token Soaring Past BTC, ETH appeared on BitcoinEthereumNews.com.
Trump Media struck a deal with Crypto.com and Yorkville to launch a CRO treasury venture. The new entity, MCGA, will hold about one-fifth of all CRO tokens. CRO surged nearly 30%, beating bitcoin and ethereum’s flat performance. Trump Media & Technology Group has struck a high-profile deal with Crypto.com and blank-check firm Yorkville Acquisition Corp to launch a new treasury-style company focused on the exchange’s native token, Cronos (CRO). The announcement sparked a frenzy in the markets on Tuesday, sending CRO soaring nearly 34% to $0.21, outpacing both Bitcoin (BTC) and Ethereum (ETH), which also turned green today. New Entity to be Listed on Nasdaq The new entity, Trump Media Group CRO Strategy, will list on Nasdaq under the ticker MCGA, short for “Make Crypto Great Again.” Modeled on Michael Saylor’s MicroStrategy playbook of accumulating Bitcoin as a corporate treasury reserve, the venture will build a large-scale position in CRO. In fact, the deal is structured so that the new company will ultimately hold roughly one-fifth of all outstanding CRO tokens, a concentration far greater than MicroStrategy’s roughly 3% share of Bitcoin’s total supply. Related: World Liberty Financial Sets Sept 1 Launch for WLFI Token on Ethereum Under the terms, Crypto.com will transfer about 684 million CRO tokens (worth $105 million) to Trump Media in exchange for stock and cash. Trump Media itself will purchase an additional $105 million in CRO for its balance sheet, while Crypto.com has committed to buying $50 million of Trump Media stock. $5B Equity Line of Credit The venture also secured access to a $5 billion equity line of credit through Yorkville, giving it firepower that exceeds the entire current market capitalization of CRO, which stands at about $7.2 billion. Trump Media shares climbed more than 5.23% following the news, while Yorkville’s stock dipped modestly. …
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