"On Tuesday, Crypto.com and Trump Media & Technology Group, owner of President Donald Trump's Truth Social social media network, announced their intention "to launch a rewards system on the Truth Social and Truth+ platforms"-using Crypto.com's digital wallet and Cronos (CRO) digital currency as a utility token. The move marks yet another example of the president's ties to the crypto industry, as Trump has created a crypto-friendly regulatory environment during his second term."
"Trump Media & Technology Group reported its most recent quarterly results, covering the company's fiscal 2025 Q2, which ended on June 30. The company reported a net loss of $20 million for the quarter, and second-quarter revenue sank 30% to $836,900 from a year earlier. However, Trump's Truth Social saw share prices rise, in part from its Bitcoin holdings, according to . In its earnings report, Trump Media and Technology Group disclosed it held $2 billion in bitcoin and bitcoin-related securities."
"The partnership follows the announcement of a $6.4 billion deal to create a new company, Trump Media Group CRO Strategy, via a merger with Yorkville Acquisition Corp, a special-purpose acquisition company (SPAC), that will be listed on the Nasdaq under the "MCGA" symbol. The news sent shares of Trump Media & Technology Group ( DJT) climbing in early morning trading on Tuesday. At the time of this writing, the stock was up over 5% in mid-day trading."
Crypto.com and Trump Media & Technology Group intend to launch a rewards system on Truth Social and Truth+ using Crypto.com's digital wallet and Cronos (CRO) as a utility token. The partnership follows the announcement of a $6.4 billion SPAC merger to form Trump Media Group CRO Strategy, slated to list on Nasdaq as MCGA. Trump Media shares rose over 5% midday while Yorkville shares fell about 1%. Fiscal 2025 Q2 results showed a $20 million net loss and revenue down 30% to $836,900. Trump Media disclosed $2 billion in bitcoin and related securities and a $5.03 billion market capitalization.
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