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Trump Media, Crypto.com announce a new digital asset treasury firm with $6.4 billion in funding

The nascent treasury firm will be the largest holder of cronos, according to Crypto.com’s CEO.

Sage D. Young

Shares of Trump Media & Technology Group and Crypto.com’s cryptocurrency, cronos, have jumped on an announcement the two have signed an agreement to establish Trump Media Group CRO Strategy, a digital asset treasury firm targeting the accumulation of cronos. 

The new cronos-focused company will have a more than $6.4 billion backing, with funding coming from:

  • $1 billion in cronos, which is roughly 19% of the token’s total market capitalization at the time of the announcement;

  • $200 million in cash;

  • $220 million in cash-in mandatory exercise warrants;

  • A $5 billion equity line of credit. 

Crypto.com CEO Kris Marszalek stated in a post on X that the funding for Trump Media Group CRO Strategy “will add up to an unprecedented amount of dry powder for any digital asset treasury company, exceeding the total market cap of $CRO.” The market cap is about $6.9 billion as of 10:45 a.m. ET.  

“To put it in perspective, to reach similar level of buying power and impact on ethereum, leading ETH treasury companies would have to buy hundreds of billion[s] of ETH,” added Marszalek, who said Trump Media will acquire $105 million of cronos tokens and Crypto.com will scoop up $50 million of Trump Media shares. He said the new company, which will trade under “MCGA,” short for “Make CRO Great Again,” will be the world’s largest holder of cronos, with more 6.3 billion tokens in its holdings at completion. 

The partnership includes the integration of cronos as the platform token of Truth Social, per Marszalek. Alongside Trump Media and Crypto.com, Yorkville Acquisition Corp., a special purpose acquisition company, will serve as a founding partner of the nascent treasury firm. 

According to a press release, the three founding members of Trump Media Group CRO Strategy have agreed to a one-year lockup period on their founding shareholdings, followed by an additional three-year restrictive unlock schedule as a means to demonstrate long-term commitment. 

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$1.2B
Yaël Bizouati-Kennedy

XRP ETFs have now crossed $1 billion in assets since the funds launched, according to SoSoValue, which shows total assets of $1.18 billion.

In September, the SEC approved generic listing standards, which paved the way for speedier listings and opened the floodgates for these products, and shortly after, Rex-Osprey launched the first spot XRP ETF available in the US.

Canary followed suit in November, launching an ETF trading on the Nasdaq under the ticker XRPC, which saw a record $58.5 million in trading volume on its first day. It’s the largest XRP ETF in the US, with $342 million in assets.

Grayscale, Bitwise, and Franklin Templeton also launched their own XRP ETFs in November. On December 11, 21Shares joined the XRP fund party.

It’s a noteworthy green shoot in the crypto space, as bitcoin and its ETFs have struggled, and XRP itself is down nearly 15% over the past month.

Jake Hanley, managing director and senior portfolio specialist at Teucrium Investment Advisors — which launched the first-ever XRP-based ETF in April, the 2x Long Daily XRP ETF — told Sherwood News that he is not surprised to see this level of interest in the XRP ETFs.

“We have long held that XRP and the Ripple ecosystem present a unique investment case among crypto assets. Crossing the $1 billion mark is yet another signal of the significant vote of confidence investors have in this increasingly important asset and ecosystem,” Hanley said.

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New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday. 

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents. 

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

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