President Donald Trump’s personal crypto companies are expanding again, this time with plans for a digital capacity of Treasury that has an alternative cryptocurrency.
The logo for crypto.com appears on a mobile phone and computer screen in New York.
Richard Drew, Associated Press
Trump Media and Technology Group, who operates the Truth Social Media platform, said this week that it will collaborate with the cryptocurrency exchange Crypto.com To form a company that CRO owns, a token made by Crypto.com. A blank check company bound to Yorkville Advisors is another co-founder of the new company, called Trump Media CRO strategy.
Trump Media said it is planning to buy $ 105 million in CRO. Yorkville said that the total expected financing for the treasury of the company will be $ 1 billion in CRO, or about 19% of the market capitalization of the token, plus $ 420 million in cash and equivalents and as a $ 5 billion credit line.
The announcement is part of the most popular trend in Crypto, in which a wide range of companies – many without clear ties with the world of digital assets – buy and cryptocurrency a primary part of their business plan. The model is based on MicroSstratey, a technology company that first started buying Bitcoin in 2020 and has seen his share price rise.
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“Companies of every size and sectors are strategic plans for the future by set up digital assets skirts that anchoring by assets that have created an extensive value proposition and are ready for even greater use,” said Devin Nunes, the chairman and CEO of Trump Media, in a statement.
Trump Media said it is planning to introduce a “reward system” about the truth of the truth that uses Crypto.com Digital wallet infrastructure. CRO saw his price Tuesday morning Tuesday morning with approximately 30% to 21 cents per token. It is still far away from his all time of almost 97 cents a token that it hit in 2021.
Cheapinsurance.com analyzed the FBIs 2023 Cryptocurrency Fraud report to investigate the largest financial losses caused by crypto-related crimes.
Since the note, the Trump administration has insisted on crypto-friendly regulations and laws, while the Trump family has aggressively tried to expand its crypto-related companies.
That unprecedented dynamic has led to accusations of the corruption of Democrats, although the president said he had entrusted the management of his business transactions to his sons.
In May, Trump rewarded top investors in his meme mint with a chic dinner. Trump launched the coin only a few days before he took office. Fans of the president have also been able to buy Trump merchandise with crypto theme, including $ 100,000 watches and expensive sneakers.
Trump Media previously announced plans to keep a considerable amount of Bitcoin in his books and to create a stock market -bound fund that is linked to the prices of five popular cryptocurrencies.
In eight months, Republicans have approved new laws and regulations that will officially bring cryptocurrency to the American financial system.
World Liberty Financial, a cryptocurrency company launched last year by Trump and his sons, received important boost from an investment fund in the United Arab Emirates and Justin Sun, a crypto-entrepreneur born in China. The Securities and Exchange Commission pauted a lawsuit that he had brought against Sun in 2023, claiming that his company is involved in market manipulation and paid celebrities for non -known promotions.
A little known company called Alt5 Sigma recently announced that it was planning to raise $ 1.5 billion to buy the digital coins made by World Liberty Financial and that Eric Trump, the son of the president, becomes a member of the company’s board.
Also on Tuesday a company called Canary Capital Paperwerk has submitted with the SEC that a Beursbonde Fund wants to sell that will follow the President’s Meme Coin.
(CNN) – It has been a summer to remember for crypto.
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