Trump Media and Technology Group (DJT), the parent of Truth Social linked to U.S. President Donal Trump, closed a purchase agreement with crypto exchange Crypto.com that gives it 684.4 million Cronos (CRO) tokens.
The $105 million transaction, split between cash and stock, amounts to about 2% of the circulating supply of the token, the firms said in a Friday press release. Both CRO and Trump Media’s shares will remain locked up for a set period, they added.
DJT stock and CRO were both little-changed in Friday trade.
The agreement is part of a broader partnership between the two companies that will bring CRO into Truth Social and Truth+ as a rewards feature. Trump Media said it will store the tokens with Crypto.com’s custody service and stake them to generate additional income.
Crypto.com CEO Kris Marszalek said the move marks the beginning of wider adoption efforts for CRO, while Trump Media chair Devin Nunes called the token a "versatile utility" tool for payments and transfers.
The deal follows Trump Media’s launch of a separate entity, Trump Media Group CRO Strategy, which is preparing to acquire up to 19% of CRO’s circulating supply through a planned SPAC merger. That venture aims to create a digital asset treasury focused on stacking CRO tokens.
Trump Media is pushing deeper into finance and digital assets, revealing plans to roll out multiple crypto-focused ETFs and managed investment products. The firm also held $2 billion in bitcoin (BTC), according to its Q2 report.
Read more: Trump Media, Crypto.com to Build $6.4B CRO Treasury Firm, CRO Jumps 25%
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