Quick overview

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Trump Media and Technology Group (DJT) and Yorkville Acquisition Corp. have reached an agreement.

The Cayman Islands-based blank-check company and DJT, in a filing on Tuesday, said that they will establish a cryptocurrency treasury company to hold Crypto.com’s native token (CRO). It is expected that the new company, called Trump Media Group CRO Strategy, will trade under the ticker symbol MCGA.

The president’s media company will own most of it, along with advisor Yorkville and Crypto.com. Blank-check companies are shell corporations that raise capital through initial public offerings (IPOs) to merge with or buy an existing private company.

They are also known as special purpose acquisition companies (SPACs). These vehicles are mainly used for faster public listings; however, unlike a standard IPO, they often lack transparency before listing.

The Republican presidential nominee, former President Donald Trump, talks with former Representative Devin Nunes from California on the third day of the Republican National Convention at the Fiserv Forum in Milwaukee, Wisconsin, on Wednesday, July 17, 2024.

Former President Donald Trump speaks with former Representative Devin Nunes in the Fiserv Forum at the Trump Media event.