TrueSocial Introduces Crypto, Accelerating the Establishment of a 9 Trillion Won Digital Asset Management Firm
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This transaction was completed at a price of $0.15 (KRW 208) per token, with a total transaction value of $178 million (KRW 247.33 billion). The purchase price was split 50% in cash and 50% in stock.
With this acquisition, Trump Media (TMTG) will secure approximately 2% of the total circulating supply of Kronos tokens.
Trump Media announced that it plans to "introduce the acquired Kronos (CRO) tokens into the rewards system of its social media platforms, Truth Social and Truth+."
Additionally, Crypto.com will provide institutional-grade custody services for Trump Media's digital assets.
Meanwhile, Trump Media established a new division, 'Trump Media Group Cronos Strategy (TMTG CRO Strategy)' on the 27th of last month, and is also pursuing the establishment of a digital asset management company based on Cronos tokens with a total scale of 6.42 billion dollars (8.9565 trillion won) through a merger with Yorkville Acquisition Corp.
Additionally, Trump Media purchased $2 billion worth of Bitcoin in July, making it the world's fifth-largest publicly traded company to hold Bitcoin.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) is scheduled to decide on whether to approve the digital asset ETF applied for by Trump Media on the 18th of this month.
Joohoon Choi joohoon@blockstreet.co.kr
