Trump Media said it would purchase 684.4 million CRO tokens as part of a deal with the exchange following a joint venture to create a crypto treasury.
Trump Media & Technology Group, the parent of US President Donald Trump’s Truth Social platform, finalized an agreement with crypto exchange Crypto.com on Friday that establishes a new entity to accumulate the exchange’s native Cronos (CRO) token, beginning with an initial purchase of 684.4 million CRO as part of a joint treasury strategy.
In a Friday notice, Trump Media said it would buy the tokens at a price of approximately $0.153 each, bringing the total initial purchase to nearly $105 million. The transaction will be carried out as an equal exchange of stock and cash between the companies.
The announcement followed Trump Media Group CRO Strategy, a joint venture established by Trump Media, Crypto.com and Yorkville Acquisition, to establish a $6.4 billion crypto treasury of the CRO token.
