Trump Media and Technology Group and Crypto.com plan to affiliate under a publicly traded Cronos treasury holding over $6 billion in CRO. Yorkville Acquisition Corp., now MCGA, filed an S-4 with the SEC to establish Trump Media Group CRO Strategy, Inc. with appointed executives Steve Gutterman as CEO and Sim Salzman as CFO.

The treasury will open with 6.3 billion CRO, $200 million in cash, $220 million in warrants, and a $5 billion equity line of credit. Despite the treasury’s initial $1 billion value, CRO’s recent decline has reduced it to around $636 million, a 36% loss.

The treasury also plans to operate a Cronos validator node, expecting 6% APY in staking rewards. Trump Media previously bought $2 billion in Bitcoin and $105 million in CRO for use in a rewards program. MCGA shares are down 6%, trading at $10.88, with CRO falling 8.3% to nearly $0.10.

Economist Paul Krugman suggests Bitcoin’s recent decline may be attributed to Trump’s involvement in the crypto market. Despite CRO’s market cap of $3.7 billion, the fully diluted valuation exceeds $9.7 billion. The treasury aims for CRO’s price to rise over time, with purchases potentially driving growth.

Read more at Yahoo Finance: Trump Media and Crypto.com’s $6 Billion Cronos Treasury Inches Closer to Public Debut