Trump Media and Technology Group and the Crypto.com exchange are moving forward with the creation of a joint company that will manage a treasury based on the cronos cryptocurrency (CRO) and will be listed on the stock exchange.
The project aims to form a reserve of more than 6,000 million dollars in timethe cryptocurrency issued by Crypto.com. This development came after Yorkville Acquisition Corp., the special purpose acquisition company (SPAC), confidentially filed Form S-4 with the Securities and Exchange Commission (SEC).
It is worth clarifying that it is the procedure that enables a business combination, that is, the merger between the SPAC and another entity to give rise to a new company: in this case, Trump Media Group CRO Strategy, Inc.
The company also announced the addition of two central figures: Steve Gutterman will be the new CEO and Sim Salzman will occupy the role of chief financial officer.
Both would assume their functions in the first quarter of 2026, once the merger with the SPAC is completed, a process that still depends on the usual procedures and conditions for this type of operations.
“Sim and I are excited to lead MCGA and work with the teams at Yorkville, Crypto.com and Trump Media to make CRO great again.” [make CRO great again]”, Indian Gutterman, making an allusion to Donald Trump’s presidential campaign slogan.
Although initially Its CRO holdings were estimated to be worth close to $1 billion.the recent fall in the asset reduced that value to about 636 million, a drop of 36%.
The following graph shows the price performance of the exchange’s cryptocurrency over the last 30 days:
As CriptoNoticias has reported, the treasure was announced in August and will be composed of 6.3 billion CRO, 200 million dollars in cash, 220 million in warrants and a credit line of 5,000 million.
In addition, the agreement establishes the integration of a rewards system in the Truth Social social network and in its new streaming service Truth+, using the Crypto.com wallet and adopting cronos as a utility token.