Trump Media & Technology Group (TMTG) closed a deal with Crypto.com to acquire 684.4 million Cronos (CRO) tokens, marking one of the largest corporate commitments to the digital asset so far.

The transaction, valued at roughly $178 million at current prices, was structured as a 50% stock and 50% cash exchange, according to the Sept. 5 announcement.

TMTG said it paid about $0.15 per token for the assets, which represent roughly 2% of CRO’s circulating supply.

Strategic partnership

The agreement expands a partnership designed to integrate CRO into Trump Media’s Truth Social and Truth+ platforms. The token will be used in a rewards system powered by Crypto.com’s wallet infrastructure.

The company said the arrangement also strengthens plans for its newly formed subsidiary, Trump Media Group CRO Strategy Inc., which has a pending merger with Yorkville Acquisition Corp. to create a digital asset treasury business focused on accumulating CRO.

Crypto.com will provide custody for the tokens under its institutional-grade storage program. Both the CRO tokens and Trump Media shares involved in the swap are subject to a lockup period.

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Crypto.com CEO Kris Marszalek said:

“This is the first of many steps to driving utility and value for CRO and the Cronos blockchain.”

Market and political backdrop

The purchase comes as Trump-linked ventures accelerate their push into digital assets.

Earlier this week, Trump-backed American Bitcoin began trading on the Nasdaq, while World Liberty Financial tokens made their public debut. Meanwhile, another affiliated firm, Thumzup, has outlined plans to acquire thousands of Dogecoin mining rigs.

Despite the fanfare, markets had a muted reaction to the development. DJT shares fell 1.5% to $16.51, while CRO dropped about the same percentage to $0.26.

The deal, first reported in August, could ultimately grow to $6.4 billion if Trump Media draws down additional capital from its credit line. If fully executed, it would create the largest CRO-focused treasury firm to date.

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Truth Social, the media platform affiliated with US President Donald Trump, has submitted a new application to the US Securities and Exchange Commission (SEC) for a spot crypto exchange-traded fund (ETF).

The proposed vehicle, titled the Truth Social Crypto Blue Chip ETF, aims to provide direct exposure to a basket of leading digital assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cronos (CRO).

The news had a limited market impact on more established digital assets like BTC, ETH, SOL, and XRP. However, it boosted CRO’s value by more than 12% to a monthly high of $0.09202.

Truth Social Crypto Blue Chip ETF

According to the July 8 SEC filing, the ETF portfolio will be structured to hold approximately 70% Bitcoin, 15% Ethereum, 8% Solana, 5% Cronos, and 2% XRP by value.

If approved, the ETF will be listed and traded on NYSE Arca, though the fund’s ticker symbol has not yet been disclosed.

The proposed ETF will operate as a passive investment vehicle, tracking the market prices of its underlying crypto without using leverage, derivatives, or speculative trading strategies. The fund will also participate in staking for assets such as Ethereum, Solana, and Cronos, enabling it to generate staking rewards.

The filing names Crypto.com’s institutional arm, Foris DAX Trust Company, as the custodian responsible for safeguarding the fund’s assets.

Yorkville America Digital Asset Management will act as the ETF’s sponsor, overseeing operations and compliance. CF Benchmarks Ltd., a well-known index provider, will be tasked with calculating and publishing US dollar valuations for the fund’s digital assets.

In addition, the Trust may allow in-kind transactions, where Authorized Participants exchange crypto directly for ETF shares, if the NYSE Arca receives the necessary regulatory approval. However, the timeline for this approval remains uncertain.

Crypto ETFs

This application follows Trump Media’s earlier filing for a separate spot Bitcoin and Ethereum ETF, which proposes a simpler 75% BTC and 25% ETH allocation.

Both filings arrive as the SEC weighs a streamlined process for listing crypto ETFs, potentially signaling broader institutional adoption soon.

Nate Geraci, president of NovaDiusWealth, opined that the industry might not see any new ETF approval until this framework is implemented. He said:

“Some issuers don’t believe this framework will be fully implemented until early fall. So, no spot crypto ETF approvals until then.”

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Cronos defied a sector-wide downtick on Friday after the crypto asset manager Canary Capital filed for a CRO-based exchange-traded fund (ETF).

CRO is the native asset of the Cronos layer-1 blockchain, which was developed by the exchange Crypto.com.

Canary filed an S-1 Form with the U.S. Securities and Exchange Commission (SEC), proposing an ETF that would offer investors exposure to CRO. If approved, the product would also stake a portion of its CRO holdings to earn rewards.

The new S-1 statement represents the latest in a spree of recent ETF filings for Canary, which is also attempting to launch Solana (SOL), XRP, Sui (SUI), Litecoin (LTC), Axelar (AXL), Hedera (HBAR) and Pudgy Penguins (PENGU) funds.

The SEC greenlit the first spot market Bitcoin (BTC) ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently approved Ethereum (ETH) ETFs for trading last July. Two financial firms, Franklin Templeton and Hashdex, also launched joint BTC-ETH ETFs earlier this year.

CRO is trading at $0.102 at time of writing and is up more than 8% in the past 24 hours. By comparison, the overall crypto market cap slumped by more than 4% over the same period.

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Bitcoin (BTC) bulls are trying to start a recovery but selling at higher levels continues to disarm each attack of the range highs. Veteran trader Peter Brandt said in a post on X that Bitcoin has broken down from a bear wedge pattern, giving it a target objective of $65,635.

The current macroeconomic environment and the fears of a prolonged trade war have created a 40% possibility of a recession in 2025, according to Coin Bureau founder Nic Puckrin. Puckrin said that a recession and the current macroeconomic uncertainty could put pressure on risky assets such as cryptocurrencies.

However, not everyone is bearish on Bitcoin in the near term. Analyst Stockmoney Lizards said in a post on X that Bitcoin’s local bottom could be between $82,000 and $80,000. The analyst anticipates Bitcoin to make a reversal next week.

If Bitcoin starts a recovery, select altcoins are likely to move higher. Let’s look at the charts of the top cryptocurrencies that are showing a bullish setup.

Bitcoin price analysis

Bitcoin’s failure to rise above the resistance line may have tempted selling by traders. The bears will try to pull the price toward the critical $80,000 support.

The 20-day exponential moving average ($85,253) is flattish, and the relative strength index (RSI) is just below the midpoint, giving a slight advantage to the bears. If the $80,000 support cracks, the BTC/USDT pair could plunge to $76,606.

On the other hand, if the price turns up from the current level or $80,000, it improves the prospects of a rally above the resistance line. If that happens, it suggests an end of the corrective phase. The pair could rally to $95,000 and then to $100,000.

The 20-EMA has turned down on the 4-hour chart, and the RSI is in the negative territory, signaling that bears are in control. If the price turns down from the current level, the pair could slide to $80,000 and then to $78,000.

Buyers will have to drive and maintain the price above the 20-EMA to signal strength. The pair may then rise to the resistance line, which is a critical resistance to watch out for. The bullish momentum is expected to begin on a break above $89,000.

Toncoin price analysis

Toncoin (TON) bounced off the moving averages on March 30, indicating a positive sentiment.

The upsloping 20-day EMA ($3.58) and the RSI in the positive zone indicate advantage to buyers. The bulls will try to strengthen their position by pushing the price above $4.14. If they can pull it off, the TON/USDT pair may start a new upmove to $5 and, after that, to $5.65.

Sellers will have to yank the price below the $3.3 support to seize control. Such a move signals that bears remain sellers on rallies. The pair could plummet to $2.81 and eventually to $2.64.

The pair turned up from the uptrend line, indicating that the bulls are viewing the dips as a buying opportunity. The pair could reach the overhead resistance of $4.14, where the bears are expected to step in. However, if buyers pierce the resistance, the pair could start the next leg of the upmove toward $5.

The bears will be back in the driver’s seat if they sink and sustain the price below the uptrend line. The pair may then drop to $3.28.

Cronos price analysis

Cronos (CRO) broke out of the moving averages on March 24, signaling that the downtrend could have ended.

The CRO/USDT pair is facing selling near $0.12, but a positive sign in favor of the bulls is that they have not allowed the price to sustain below the $0.10 support. This suggests that buyers are trying to form a higher low. If the bulls shove the price above $0.12, the pair could rally toward $0.14.

Sellers are likely to have other plans. They will try to sink the price below the moving averages and trap the aggressive bulls.

The pair has been range-bound between $0.10 and $0.12, indicating indecision between the bulls and the bears. The 20-EMA is sloping up gradually, and the RSI is just above the midpoint, giving a slight edge to the bulls. A break and close above $0.11 increases the likelihood of a rally above $0.12.

Sellers will be back in the driver’s seat if they sink and maintain the price below the 50-SMA. That could pull the pair down to $0.08.

Related: Is XRP price around $2 an opportunity or the bull market’s end? Analysts weigh in

Mantle price analysis

Mantle (MNT) failed to rise above the 50-day SMA ($0.84) in the past few days, but a positive sign is that the bulls are trying to hold the price above the 20-day EMA ($0.80).

If the price rebounds off the 20-day EMA with strength, it will suggest a change in sentiment from selling on rallies to buying on dips. That improves the prospects of a break above the 50-day SMA. If that happens, the MNT/USDT pair could ascend to $0.94 and later to $1.06.

Contrary to this assumption, if the price continues lower and breaks below $0.77, it will tilt the short-term advantage in favor of the bears. The pair may then tumble to $0.72, delaying the start of the up move.

The 4-hour chart is facing stiff resistance at $0.85. The pair may dip to $0.77, which is a critical support to watch out for. If the price rebounds off $0.77, it will signal that the bulls are buying on dips. That could keep the pair stuck between $0.77 and $0.85 for some time. A break and close above $0.85 could push the pair toward $0.95.

Sellers will have to pull the price below $0.77 to gain the upper hand. The pair could then drop toward $0.69.

Render price analysis

Render (RNDR) has been in a strong downtrend for several weeks, but the bulls pushed the price above the 50-day SMA ($3.77) on March 25, signaling demand at lower levels.

The bears have pulled the price to the 20-day EMA ($3.57), which is an important level to watch out for. If the price rebounds off the 20-day EMA with force, the bulls will try to propel the RNDR/USDT pair to $5 and later to $6.20.

This positive view will be invalidated in the near term if the price continues lower and closes below $3.05. That signals aggressive selling at higher levels. The pair may slump to $2.83 and subsequently to $2.52.

The 20-EMA has turned down, and the RSI is in the negative territory on the 4-hour chart, indicating an advantage to sellers. A break and close below the uptrend line will further strengthen the bears, pulling the pair to $3.

The first sign of strength will be a break and close above the moving averages. That could open the doors for a rally to $4. The up move could accelerate after the pair closes above $4.20, completing a bullish head-and-shoulders pattern. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

]]> https://earlybirdsinvest.com/bitcoin-bottom-likely-at-80k-opening-door-for-ton-cro-mnt-and-render-to-rally/feed/ 0 28086 https://earlybirdsinvest.com/zachxbt-accuses-crypto-com-of-betraying-trust-over-70b-cro-reissue/ https://earlybirdsinvest.com/zachxbt-accuses-crypto-com-of-betraying-trust-over-70b-cro-reissue/#respond Tue, 25 Mar 2025 12:21:31 +0000 https://earlybirdsinvest.com/zachxbt-accuses-crypto-com-of-betraying-trust-over-70b-cro-reissue/ Crypto influencer and blockchain sleuth ZachXBT has accused Crypto.com of betraying its community after the exchange decided to reissue 70 billion Cronos (CRO) tokens that had previously been burned.

The decision, which effectively restores the original supply to 100 billion CRO, has led to widespread backlash among investors who believed the burn was permanent.

Community Outrage and Allegations of Betrayal

ZachXBT, known for exposing unethical practices in the crypto space, did not hold back in his criticism. In a post on X (formerly Twitter), he stated:

“CRO is no different from a scam. Your team just reissued 70B CRO a week ago that was previously burned ‘forever’ in 2021 (70% total supply) and went against the community’s wishes as you control the majority of the supply.”

This comment was a direct response to Marszalek’s announcement that Crypto.com had partnered with Trump’s Truth Social to launch a series of ETFs, including one featuring CRO.

Expanding on his criticism, ZachXBT pointed out that investors had bought CRO under the assumption that its supply was permanently capped at 30 billion tokens.

The sudden re-issuance of 70 billion tokens has dramatically altered the tokenomics, leading to accusations that Crypto.com has engaged in misleading practices.

A user reacted to ZachXBT’s post with a simple “Damn…,” to which he responded:

For many in the crypto space, the issue goes beyond dilution. Token burning is widely regarded as an irreversible action that enhances scarcity and increases value.

Crypto.com’s decision to reverse a previous burn breaks this fundamental principle.

The Strategic Reserve and ETF Ambitions

Unchained Crypto, who was among the first to report the issue, noted that Cronos Labs, a Crypto.com subsidiary, decided to reissue 70 billion CRO as part of a broader plan to establish a “Strategic Reserve.”

The stated goal is to fund growth initiatives, including launching the world’s first CRO-backed exchange-traded fund (ETF).

However, critics argue that the move is primarily about control and profit. The re-issuance effectively grants Crypto.com and Cronos Labs the power to manipulate supply and demand at will.

The decision was made unilaterally, with Crypto.com holding enough voting power to push it through despite widespread opposition.

CRO’s price performance further amplifies the controversy. The token is currently down 23% in the past year and 51% from its all-time high in November 2021.

While Crypto.com’s leadership insists that the move is necessary to drive institutional adoption, many investors see it as a blatant cash grab that could ultimately damage CRO’s long-term value.

Crypto.com’s push for an ETF follows the success of Bitcoin and Ethereum ETFs. However, CRO’s prospects remain uncertain.

The token ranks 56th by market capitalization, far behind other digital assets like Solana and XRP that are also seeking ETF approval.

Growing Unethical Practices In the Crypto Space

In relation to the growing unethical practices in crypto, ZachXBT has recently exposed the identity of the “HyperLiquid Whale,” a trader who amassed nearly $20 million through high-leverage crypto trading.

The trader, identified as William Parker, a convicted fraudster with a history of financial crimes, used illicitly obtained funds from phishing scams and casino exploits to place high-risk bets on platforms like Hyperliquid and GMX.

His connections to gambling platforms, phishing schemes, and illicit wallets further suggest that his market success was built on deception rather than skill.

As the crypto community watches closely, the exchange must answer the question of the re-issuance of 70 billion CRO before investor confidence can be restored.

Whether Crypto.com can weather the storm and convince investors of its long-term vision remains to be seen, but for now, the move has left many questioning the integrity of one of the industry’s most prominent exchanges.

The post ZachXBT Accuses Crypto.com of Betraying Trust Over 70B CRO Reissue appeared first on Cryptonews.

Crypto.com has announced a strategic partnership with Trump Media & Technology Group (TMTG) and Yorkville America to roll out a suite of exchange-traded funds (ETFs).

The initiative, revealed on March 24, will introduce TMTG-branded ETFs combining digital and traditional assets.

ETF move

These products will feature a crypto-heavy ETF basket, including Bitcoin, Crypto.com’s native Cronos (CRO) token, and other digital currencies.

Crypto.com will provide backend technology and custodial services through its US Trust Company as part of the deal. It will also handle the crypto asset supply for the ETFs, which will be sold via its affiliated broker-dealer, Foris Capital US LLC.

Crypto.com’s CEO, Kris Marszalek, expressed optimism about the move, highlighting users’ potential to gain broader crypto exposure through trusted branding. He confirmed that once the products are approved, they will be available on the Crypto.com app for users in eligible regions.

Truth Social, a TMTG subsidiary, is expected to file the necessary ETF paperwork with the US Securities and Exchange Commission (SEC) soon.

These products would mark another crypto-related adventure of US President Donald Trump if approved. Over the past years, Trump-affiliated entities have released several NFT collections and recently unveiled a DeFi project called World Liberty Financial (WLFI).

Community backlash

On-chain investigator ZachXBT has raised questions about why TMTG would choose Crypto.com as a partner for its ETF moves over better-established and more transparent exchanges like Coinbase, Kraken, or Gemini—especially in light of the recent CRO supply controversy.

Over the past week, Crypto.com has been heavily criticized for reissuing 70 billion CRO tokens that initially burned in 2021.

On March 25, ZachXBT criticized the move, calling it a betrayal of decentralization and transparency. He claimed the reissued amount accounted for 70% of CRO’s total supply—sparking concerns over centralization and long-term value dilution.

According to him:

“CRO is no different from a scam. Your team just reissued 70B CRO a week ago that was previously burned ‘forever’ in 2021 (70% total supply) and went against the community wishes as you control majority of the supply.”

However, Marszalek defended the decision during a March 25 AMA, claiming the reissue reflects changing political tides and increased institutional support for crypto.

He described the original burn as a strategic choice during a more challenging regulatory era and framed the new issuance as necessary for long-term growth.

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