The billions in capital will be injected into a special purpose acquisition company, or SPAC, called Yorkville Acquisition Corp. The new public company will trade under the ticker MCGA, a play on President Donald Trump’s slogan Make American Great Again, or MAGA.
Trump Media’s stock is up 5.6% over the past day. Crypto.com’s token, Cronos, also surged and has jumped 25%.
Matt David, an executive for Crypto.com, declined to comment further on any other financial arrangements between the two entities.
The Crypto.com treasury company is the latest in the crypto industry’s newest trend: digital asset treasuries.
Still, the number of crypto treasury companies continues to sprawl. In fact, Trump Media and Crypto.com’s public vehicle isn’t even the first digital asset treasury in the Trump family’s crypto empire.
“It’s a perfect marriage for what World Liberty is trying to accomplish and what they were already doing,” Matt Morgan, the chief investment officer of the former biotech firm, told Fortune. “It’s a very symbiotic relationship.”
