Summary
- Trump Media & Technology Group announced it had entered into a final merger agreement to establish a Cronos (CRO) reserve entity valued at approximately $1 billion.
- Once the merger is complete, Trump Media Group CRO Strategy, Inc. will reportedly hold 6,313,000,000 CRO, equivalent to 19% of Cronos' total market capitalization.
- Following the news, the price of Cronos surged 23% over the past 24 hours.
Trump Media & Technology Group has reportedly entered into a final merger agreement to establish a Cronos (CRO) reserve entity.
According to GlobeNewswire on the 26th (local time), Trump Media Group has signed a final merger agreement to establish 'Trump Media Group CRO Strategy, Inc.' for the purpose of reserving Cronos.
Once the merger is complete, Trump Media Group CRO Strategy, Inc. plans to hold 6,313,000,000 CRO valued at approximately $1 billion. This amount represents 19% of Cronos' total market capitalization. In addition, it has secured $420 million in cash and a $5 billion stock credit line from .YA II PN, Ltd to be used for CRO reserves.
As a result, Trump Media Group CRO Strategy, Inc. is expected to become the first and largest Cronos reserve entity. 'Yorkville Acquisition', which participated in the merger, commented, "It will become the company with the largest virtual asset reserves relative to its market capitalization."
Following the news, Cronos also surged. As of 9:54 PM, according to CoinMarketCap, Cronos was trading at $0.1939, up 23% compared to 24 hours ago.
Son Min
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