Trump Media and Technology Group Corp. (NYSE: DJT), operator of the social media platform Truth Social, the streaming platform Truth+, and the FinTech brand Truth.Fi, announced today it has closed its recently announced purchase agreement with Crypto.com.
The agreement provides that Trump Media will acquire 684.4 million Cronos (CRO) tokens at a price of approximately 15.3 cents per token as part of a 50% stock, 50% cash exchange with Crypto.com. The tokens represent approximately 2% of the current circulating CRO supply (in addition to approximately 19% of the CRO circulating supply to be acquired by Trump Media Group CRO Strategy, Inc, as described below).
Trump Media will secure its CRO with Crypto.com Custody, Crypto.com’s institutional-grade custody offering, which will enable Trump Media to stake it for additional revenue generation. The Trump Media shares and CRO tokens exchanged in the deal will both be subject to a lockup period.
Trump Media's CEO and Chairman Devin Nunes said, “Trump Media is pleased to close this agreement and quickly begin to fulfill our strategic partnership with Crypto.com. We’re convinced that CRO has tremendous potential to spread widely as a versatile utility token and a superior form of safe, fast payment and money transfer, and we’re excited to add this innovative asset to our balance sheet.”
DJT shares opened Friday lower by 21 cents, or 1.3%, to $16.55.
