Trump Crypto Empire continues to develop. Tuesday, the company that has the properties of the Trump family media announcement He raised $ 6.42 billion to acquire a digital token offer called Cronos, which is issued by Crypto.com, one of the largest crypto exchanges in the world. Funding includes a credit line of $ 5 billion, an already acquired reserve of $ 1 billion in crypto.com token, $ 220 million in mandates and 200 million dollars in cash.
The billions of capital will be injected into an acquisition company for special purposes, or SPAC, called Yorkville Acquisition Corp. The new public company will be negotiated under the McGa Ticker, a play on President Donald Trump’s slogan will make American Great again, or Maga.
Trump Media’s shares increased 5.6% in the last day. The crypto.com token, Cronos, has also increased and jumped 25%.
As part of the agreement, Trump Media partner With crypto.com to add the crypto exchange crypto token and crypto portfolio to its platforms. In return, the Crypto Exchange will buy $ 50 million from Trump Media shares, and the public company Trump will buy $ 105 million in crypto.com crypto-montrais.
Matt David, a Crypto.com executive, refused to comment more on any other financial agreement between the two entities.
Crypto Treasury boom
The crypto.com Treasury Company is the latest in the new trend in cryptographic industry: the treasures of digital assets.
The concept was first popularized by the strategy of data analysis software, formerly known as microstrategy. In 2020, the company announced that it was buying Bitcoin and add to his assessment. Its stock quickly became an indirect indicator of the largest cryptocurrency in the world, and the value of the company has skyrocketed while Bitcoin has increased in prices.
Copies have finally emerged and, in recent months, the number of tokens acquired public companies has multiplied. There are digital asset treasures for Ethereum, XrpLitecoin, and a crowd of other cryptocurrencies. Tuesday’s announcement seems to be the first example of a cryptographic cash flow company dedicated to the Cronos token.
Supporters say that the new form of Crypto financial alchemy allows traditional investors, who are generally limited to actions and negotiable funds in brokerage accounts, acquires exposure to different cryptocurrencies. Detractors, including those of the cryptographic industry, say that the trend is a bubble and will soon appear.
However, the number of cryptographic cash flow companies continues to extend. In fact, Trump Media and the Crypto.com public vehicle are not even the first digital assets of the Crypto Empire of the Trump family.
Earlier in August, World Liberty Financial, another Crypto Trump company, announced that it had lifted $ 1.5 billion with Alt5 Sigma, a small biotechnological business, to launch a cash strategy for the World Liberty Financial token.
“It is a perfect marriage for what World Liberty is trying to accomplish and what they were already doing,” said Matt Morgan, the investment director of the former biotechnology company, in Fortune. “It is a very symbiotic relationship.”
