Trump Media, Crypto.com Launch $6B CRO Treasury Firm via SPAC

The path to a public listing for the CRO treasury firm runs through Yorkville Acquisition Corp., which trades on the Nasdaq under the ticker MCGA. The company confidentially filed an S-4 registration statement with the U.S. Securities and Exchange Commission this week, formally setting the stage for the business combination. The deal, first announced in August, is expected to close in the first quarter of 2026, subject to customary closing conditions.

The financial mechanics reveal a significant devaluation. The treasury is planned to launch with 6.3 billion CRO tokens, $200 million in cash, $220 million in warrants, and a substantial $5 billion equity line of credit. When announced, the CRO hoard was valued at approximately $1 billion. However, with CRO’s price down more than 30% in the past month alone, that same cache of tokens is now worth only about $636 million—a paper loss of roughly 36% before the firm even begins operations. A representative for the firm did not immediately respond to a request for comment on these revised holdings.

MCGA has appointed Steve Gutterman as Chief Executive Officer and Sim Salzman as Chief Financial Officer, with both set to assume their roles upon the deal’s closing. In a statement laden with political allusion, Gutterman framed the venture’s mission, saying, “Sim and I could not be more excited to lead MCGA and to work with the teams at Yorkville, Crypto.com, and Trump Media to Make CRO Great Again.” He emphasized the firm’s unique positioning, stating, “MCGA is uniquely positioned to scale and create shareholder value. No one else has the partners or the positioning that we do.”

The firm’s strategy extends beyond mere accumulation. According to an investor presentation, the treasury will establish and operate a validator node on the Cronos blockchain, delegating its CRO assets to earn an estimated 6% annual percentage yield in staking rewards. In a September statement, the founding partners argued that CRO “represents the backbone of a growing blockchain ecosystem (Cronos)” and enables “both utility (transactions, fees, governance) and yield generation (staking rewards).” The underlying bet is that CRO’s price will appreciate over time, potentially aided by the treasury’s own large-scale purchases.

The launch of this dedicated CRO treasury coincides with severe downturns in the related assets. The CRO token itself fell 8.3% in the 24 hours following the S-4 filing, recently trading around $0.10—a staggering 90% decline from its 2021 all-time high of $0.96. Its market capitalization now sits at $3.7 billion, though its fully diluted valuation, including locked tokens, is over $9.7 billion.

The struggles extend to the equity markets. Shares of Trump Media (DJT) were down around 6% on the day of the announcement, trading near $10.88. More broadly, DJT has cratered 49% over the last six months. MCGA shares were flat on the day. This treasury move represents a deepening crypto commitment for Trump Media. The company disclosed a $2 billion purchase of Bitcoin and related equities in July, followed by an August announcement that it would buy $105 million of CRO to fuel a rewards program across its Truth Social and Truth+ platforms.

The creation of Trump Media Group CRO Strategy, Inc. marks a high-stakes, long-term gamble by its affiliated partners. They are banking on a dramatic reversal for the CRO token, leveraging a SPAC structure to build a multi-billion dollar treasury from a base that has significantly depreciated before the starting gun has even fired. The venture’s success is inextricably tied to a cryptocurrency recovery that has, so far, remained elusive.