Trump Media and Crypto.com are joining forces to create a new entity that will acquire significant amounts of Cronos. The entity will go public through a SPAC merger under the ticker MCGA. Cronos (CRYPTO: CRO) surged 20.6% in the last 24 hours, coinciding with the announcement of the partnership.

The new venture will acquire Cronos as a treasury asset, structured with $1 billion in CRO tokens, $200 million in cash, $220 million in warrants, and an equity line of up to $5 billion. Trump Media will add $100 million worth of Cronos to its balance sheet, while Crypto.com will purchase $50 million in Trump Media stock.

In a departure from the norm, Trump Media’s move into Cronos as a digital asset mirrors its earlier Bitcoin acquisition. However, caution is advised as the deal may lead to price volatility. For safer crypto investments, Bitcoin and Ethereum remain popular choices. The Motley Fool Stock Advisor team has identified the top 10 stocks to buy, excluding Cronos, that could yield substantial returns.

Read more at Nasdaq.: Why Cronos Is Skyrocketing Today