Trump Media and Technology Group Corp. (DJT), the parent company of Truth Social, said in an announcement on Friday that it has finalized a purchase agreement with Crypto.com valued at about $105 million.
The deal involves Trump Media acquiring 684.4 million Cronos (CRO) tokens at approximately 15.3 cents each, paid through a fifty-fifty split of cash and company stock.
This makes Trump Media one of the larger holders of CRO, and gives it about two percent of the tokens that are currently available in the market.
Both the CRO tokens and Trump Media shares that were part of the deal cannot be traded right away because they are under a lockup period. Trump Media will keep the tokens safe using Crypto.com’s custody service, and will also stake the tokens to earn extra income.
Devin Nunes, who is the chief executive and chairman of Trump Media, said the company was happy to close the agreement quickly.
“We’re convinced that CRO has tremendous potential to spread widely as a versatile utility token and a superior form of safe, fast payment and money transfer, and we’re excited to add this innovative asset to our balance sheet.” He said in the press release.
Both firms said the agreement is just one of many partnerships that will bring the CRO token to be used in Trump Media’s platforms Truth Social and Truth+ as part of a rewards program.
In addition, Trump Media recently announced a new company called Trump Media Group CRO Strategy, Inc. This new group has a deal with Yorkville Acquisition Corp., a special-purpose acquisition company, to buy up to 19% of all available CRO tokens.
Moreover, the media has been pushing deep into the world of digital money and finance. Recently, it announced plans to launch crypto investment products and reported holding two billion dollars in bitcoin earlier this year.
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