Since the start of his second administration, Donald Trump and his team have pursued cryptocurrency opportunities including meme coins, stablecoins, and Trump-branded ETFs that generated billions. Trump Media and Technology Group plans to create a SPAC-backed firm, Trump Media Group CRO Strategy, Inc., in partnership with Yorkville Acquisition Corp. The new firm will buy and hold large amounts of cronos, the crypto token of exchange crypto.com, as a corporate strategic reserve or treasury. Cronos is not a benchmark token like bitcoin or ethereum; it is known for crypto.com's 2022 Super Bowl commercial, arena naming rights, and losses tied to FTX. Recent market strength and Trump-friendly policies have made corporate crypto purchases appear attractive.
Since the beginning of his second administration, Donald Trump has been pursuing opportunities to make a quick buck in cryptocurrency at nearly every chance he can get. He and his team have already taken care of the obvious stuff, like meme coins and stablecoins and Trump-branded exchange-traded funds, which have earned him billions. So to keep the good times rolling, the Trump crypto brain trust needed to get more creative.
Trump Media is going to team up with a blank-check company called Yorkville Acquisition Corp. to launch a new firm called Trump Media Group CRO Strategy, Inc. This tongue-twister of a company will then focus on buying up as much of the cryptocurrency cronos as it can - a strategy known in the crypto world as a "strategic reserve" or a "treasury."
You may be forgiven for not knowing cronos. It is not a benchmark cryptocurrency like bitcoin or ethereum or solana or anything else that your more financially cavalier family members have told you about. Cronos is the cryptocurrency of the exchange crypto.com, most famous for its 2022 Super Bowl crypto-bubble commercial with Matt Damon, and for owning the naming rights to the Los Angeles Lakers' arena, and for losing a bunch of money after the collapse of Sam Bankman-Fried's FTX.
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