Cronos (CRYPTO: CRO) is flying higher on Tuesday, up 24.9% in the last 24 hours as of 1:38 p.m. ET today. The spike comes as the S&P 500 and the Nasdaq Composite are little changed.
Cronos, the token of the major exchange Crypto.com, is jumping after news broke that Crypto.com and Trump Media & Technology are teaming up to create a new company that will acquire Cronos.
The parent company of Truth Social, Trump Media, will partner with Crypto.com to create a new entity that will be taken public via a SPAC deal. The entity will merge with Yorkville Acquisition and be listed under the ticker MCGA. The deal is funded with $1 billion in CRO tokens, $200 million in cash, $220 million in warrants, and an equity line of up to $5 billion from a Yorkville affiliate.