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

Cronos (CRYPTO: CRO) rallied sharply on Tuesday after Trump Media & Technology Group Corp. (NASDAQ: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 (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) 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,

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. (NASDAQ: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.