Trump Media & Technology Group, which oversees former President Donald Trump’s Truth Social platform, has finalized a significant partnership with the cryptocurrency exchange Crypto.com. This agreement, announced on Friday, establishes a new collaborative entity aimed at accumulating Crypto.com’s native Cronos (CRO) token, commencing with a substantial initial purchase of 684.4 million CRO tokens.
The purchase price for the tokens is approximately $0.153 each, resulting in a total investment of nearly $105 million. This transaction will be conducted through a combination of cash and stock exchanges between the two companies.
The engagement stems from the formation of a joint venture known as Trump Media Group CRO Strategy, which includes partnerships with Crypto.com and Yorkville Acquisition. This venture aims to create a substantial crypto treasury valued at $6.4 billion, focused on the CRO token.
As part of the deal, there are plans for Truth Social users to potentially earn CRO tokens through a rewards program on the platform. The exchanged Trump Media shares and CRO tokens will be bound by a “lockup period,” although specific details regarding the duration of this period have not been disclosed.
This agreement reinforces the connection between the cryptocurrency sector and the Trump administration, which has been a topic of scrutiny among lawmakers concerning potential conflicts of interest related to Trump’s digital asset ventures. Notably, Crypto.com CEO Kris Marszalek attended a White House summit in March at the invitation of Trump officials to discuss policies related to digital assets.
In March, Crypto.com signed a non-binding agreement with Trump’s media company aimed at launching exchange-traded funds linked to cryptocurrency, further deepening the ties between the entities.
Following the announcement of this treasury deal on August 26, the CRO token has experienced a notable price surge, showing an increase of more than 66%, with its value reaching approximately $0.27.
In a recent interview, Marszalek highlighted the potential for Crypto.com to go public, remarking that the company possesses “the numbers” necessary for a listing in the U.S., though a decision on that front has not yet been made. He projected that Crypto.com generated $1.5 billion in revenue in 2024 and anticipates even greater profitability in 2025.
The exchange also maintains its branding presence, holding naming rights to the venue formerly known as Staples Center, which was rebranded as Crypto.com Arena in 2021.
