Trump Media and Technology Group (DJT) has formed a joint venture with Crypto.com, investing $105 million in CRO tokens and $50 million in Trump Media stock. CRO surged 25% after the announcement, now trading at 19.60 cents. The venture, Trump Media Group CRO Strategy Inc., plans to merge with Yorkville Acquisition Corp.

Publicly traded companies are increasingly investing in crypto assets like bitcoin and ether, with some becoming crypto treasury companies. Companies like Strategy now hold billions worth of BTC. More companies are also buying altcoins like solana and ether.

Crypto.com CEO Kris Marszalek said the joint venture is a historic day for CRO, with plans to invest $200 million in token purchases. A new rewards system will allow users to convert platform “gems” into CRO tokens. Trump Media will custody and stake its CRO holdings with Crypto.com.

Despite a wider market sell-off, CRO performed well before the news, rising from 14 cents to 16 cents. Trading volume increased by 700% to $310 million in the past 24 hours. Updates include background on crypto treasury companies and CRO price action leading up to the announcement.

Read more at Yahoo Finance: Trump Media, Crypto.com to Build $6.4B CRO Treasury Firm, CRO Jumps 25%