Trump Media Launches Nasdaq-Listed CRO Strategy, Token Skyrockets
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- Trump Media struck a deal with Crypto.com and Yorkville to launch a CRO treasury venture.
- The new entity, MCGA, will hold about one-fifth of all CRO tokens.
- CRO surged nearly 30%, beating bitcoin and ethereum’s flat performance.
Trump Media & Technology Group has struck a high-profile deal with Crypto.com and blank-check firm Yorkville Acquisition Corp to launch a new treasury-style company focused on the exchange’s native token, Cronos (CRO).
The announcement sparked a frenzy in the markets on Tuesday, sending CRO soaring nearly 34% to $0.21, outpacing both Bitcoin (BTC) and Ethereum (ETH), which also turned green today.
New Entity to be Listed on Nasdaq
The new entity, Trump Media Group CRO Strategy, will list on Nasdaq under the ticker MCGA, short for “Make Crypto Great Again.”
Modeled on Michael Saylor’s MicroStrategy playbook of accumulating Bitcoin as a corporate treasury reserve, the venture will build a large-scale position in CRO.
In fact, the deal is structured so that the new company will ultimately hold roughly one-fifth of all outstanding CRO tokens, a concentration far greater than MicroStrategy’s roughly 3% share of …
The post Trump Media Launches Nasdaq-Listed CRO Strategy, Token Skyrockets appeared first on Coin Edition.
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