Trump Media & Crypto.com partner with a blank-check company to launch a new venture focusing on accumulating Crypto.com’s CRO token. The move follows MicroStrategy’s successful bitcoin strategy, with Trump Media shares jumping 6.6% to $18.36. The new company, Trump Media Group CRO Strategy, will go public on Nasdaq as MCGA.

The announcement boosts CRO token by 29.6% to 20 cents, while Yorkville’s shares dip 2.2%. Cronos’ market value stands at $6.8 billion, a fraction of the global crypto market cap. Trump Media, known for Truth Social, is institutionalizing CRO by anchoring its rewards economy and reserves in the token.

Trump Media’s foray into crypto comes after World Liberty Financial token holders voted to make them tradable, boosting their value. The U.S. crypto industry enjoys friendly regulations under Trump. Canary Capital files for an ETF tracking the $TRUMP meme coin. Similar crypto ventures have been undertaken by companies with large reserves.

Firms are seeking U.S. exchange listings via SPAC deals, valuing bitcoin at a premium. In April, a Cantor Fitzgerald-backed SPAC teamed up with Tether and SoftBank to create a $3.6 billion bitcoin-focused company. Trump Media’s crypto venture will be funded by $1 billion in Cronos tokens, $200 million in cash, $220 million in warrants, and a $5 billion equity line of credit.

Investment firm 1789 Capital, led by ex-Bank of America exec Omeed Malik and with Donald Trump Jr. as a partner, invests in Polymarket. Trump Jr. joins Polymarket’s advisory board.

Read more at Yahoo Finance: Trump Media, Crypto.com launch new crypto treasury firm via SPAC deal