Trump Media’s Crypto Treasury Bet Sends This Token Soaring 30% — Bitcoin, Ethereum Left In Dust

Cronos CRO/USD rallied sharply on Tuesday after Trump Media & Technology Group Corp. DJT announced a deal to set up a cryptocurrency treasury company centered on the token.

CRO Lights Up Crypto Market

CRO, the native token of cryptocurrency exchange Crypto.com, popped over 30% in the last 24 hours, reaching levels last seen more than eight months ago. 

CRO topped the daily cryptocurrency gainers list, leaving high-profile coins like Bitcoin BTC/USD and Ethereum ETH/USD in the dust. The coin’s trading volume soared an eye-popping 1174% in the last 24 hours, indicating strong buying pressure.

The coin’s derivatives market was fired up, as open interest in CRO futures exploded 92% in the last 24 hours, according to Coinglass,

See Also: Bitcoin Recovers Amid Trump’s Potential Fed Majority; Ethereum, Dogecoin, XRP Also Gain; Analyst Expects ETH To Consolidate In This Range

Trump Media To Set Up New Treasury

The rally comes after Trump Media locked a deal with Crypto.com to set up a company that will buy and hold CRO tokens as part of a treasury strategy.

The venture, to be named Trump Media Group CRO Strategy Inc., is expected to follow the model pioneered by Michael Saylor’s Strategy Inc. MSTR.

Note that Trump Media is co-founded and majority-owned by President Donald Trump. In July, the company filed to launch an exchange-traded fund that would offer exposure to the CRO token.

Price Action: At the time of writing, CRO was exchanging hands at $0.2071, up 31.37% in the last 24 hours, according to data from Benzinga Pro.

Shares of Trump Media rose 0.39% in after-hours trading after closing 5.28% higher at $18.13 during Tuesday’s regular trading session. Year-to-date, the stock has slipped 46%.

As of this writing, the stock demonstrated a very low Momentum score. Visit Benzinga Edge Stock Rankings to see how Strategy, the pioneer of cryptocurrency treasury play, stacks up.