Trump Media closes purchase agreement with Crypto.com

The Trump Media and Technology Group Corp. has closed a purchase agreement with Crypto.com, the company announced Friday.

Trump Media, which operates Truth Social, "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 company said. "The tokens represent approximately 2% of the current circulating CRO supply," which is "in addition to approximately 19% of the CRO circulating supply to be acquired by Trump Media Group CRO Strategy, Inc."

As a result of the agreement, the CRO token will be integrated into Truth Social as part of a rewards system using Crypto.com’s digital wallet infrastructure.

Trump Media CEO Devin Nunes said in a statement, “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.”

Crypto.com Co-Founder and CEO Kris Marszalek said, “[t]his is the first of many steps to driving utility and value for CRO and the Cronos blockchain. We are proud to provide support to Trump Media with our best-in-class custody solution and generate additional value through CRO’s staking model.”