- Yorkville files S-4 to combine with Trump Media and Crypto.com for a CRO focused treasury.
- Steve Gutterman and Sim Salzman are appointed to lead the new publicly traded CRO company.
- The treasury plans to hold CRO stake tokens, run a validator and target six percent annual yield.
Yorkville Acquisition Corp. filed a confidential Form S-4 with the SEC to progress its business combination with Trump Media & Technology Group and Crypto(.)com. The submission shows that when the deal is finalized, the firm will change its name to Trump Media Group CRO Strategy and will remain listed on Nasdaq under the symbol MCGA. The SPAC intends to form a publicly traded digital-asset treasury devoted to the Cronos (CRO) blockchain ecosystem.
The suggested deal should be completed during the first quarter of 2026. Yorkville has hired Steve Gutterman to head the company and Sim Salzman to be CFO, both are experienced executives of a public company. They will start transitioning into their roles as the deal moves toward completion.
The combination involves contributions from Trump Media, Crypto(.)com, and Yorkville to establish a company centered on CRO acquisition, platform integration, and long-term treasury growth.
Leadership and Executive Backgrounds
Gutterman has extensive experience in public companies, including leading Gryphon Digital Mining through a corporate turnaround and eventual sale. He previously held senior roles at ETRADE Financial and ETRADE Bank. Salzman also brings senior finance experience from Gryphon, Marathon Digital Holdings, Corner Bar Management, and the Las Vegas Monorail Company. Both executives will manage a company focused on building one of the largest single-asset crypto treasuries in the market.
Executives from Yorkville, Crypto(.)com, and Trump Media emphasized the team’s experience in capital markets, digital assets, and large-scale corporate transactions. The appointments signal a structured approach to managing and growing CRO assets. The SPAC structure mirrors traditional corporate treasury models but applies them to the Cronos ecosystem.
Treasury Strategy and Funding
The treasury will acquire and stake CRO tokens through Crypto(.)com Custody while running a validator node on Cronos. Expected staking rewards are approximately 6% annually. Initial commitments include about $1 billion in CRO tokens, $200 million in cash, $220 million in warrants, and a $5 billion equity line of credit from Yorkville affiliate YA II PN, Ltd. The treasury aims to support network functions while compounding returns.
Trump Media has integrated CRO into its platforms, converting Truth Social “gems” into CRO. The company also bought hundreds of millions of CRO tokens directly, including a September $105 million purchase of 684.4 million CRO at around $0.153 per token.
Current holdings total 756 million CRO, valued at roughly $75 million amid a 34% decline in price. Moreover, Trump Media recently partnered with crypto. com to integrate the prediction markets within its Truth Social app.
Market Context and Outlook
CRO’s market has been volatile, trading near $0.099, down 32% over the past month. The asset’s market cap is $3.7 billion, with a fully diluted valuation of $9.7 billion. The treasury plan assumes future price appreciation and relies on additional purchases to support growth.
Shares of Trump Media (DJT) have fallen 49% in six months, while MCGA shares remain flat. The deal positions the combined entity as one of the largest publicly traded CRO treasuries, with a potential focus on $6 billion worth of cryptocurrency assets.
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