Trump Media & Technology Group (DJT), the parent company of Truth Social, has finalized a major cryptocurrency acquisition by purchasing 684.4 million CRO tokens from Crypto.com in a deal valued at approximately $105 million. The transaction, which represents about 2% of CRO's circulating supply, was structured as a 50% stock and 50% cash exchange following an agreement initially signed in August.
The acquisition is part of a broader partnership between the two companies that will integrate CRO tokens into Truth Social and Truth+ platforms as a rewards feature. According to the announcement, Trump Media will store the tokens with Crypto.com's custody service and stake them to generate additional income. Both the CRO tokens and Trump Media's shares involved in the transaction will remain locked up for a predetermined period.
Crypto.com CEO Kris Marszalek stated that this move marks the beginning of wider adoption efforts for CRO, while Trump Media chair Devin Nunes described the token as a "versatile utility" tool for payments and transfers. This development follows Trump Media's recent launch of a separate entity, Trump Media Group CRO Strategy, which aims to acquire up to 19% of CRO's circulating supply through a planned SPAC merger.
The company is expanding deeper into digital assets, having revealed plans to launch multiple crypto-focused ETFs and managed investment products. According to its Q2 report, Trump Media also held $2 billion in bitcoin (BTC), indicating a significant commitment to cryptocurrency investments.
