Former and current Trump Media & Technology Group executives are launching a special-purpose acquisition company (SPAC). They are looking to raise $179 million to buy a US-based crypto firm, possibly, according to Forbes reports.
Three former and current Trump Media & Technology Group executives are launching a company that may purchase a US-based cryptocurrency or blockchain firm.
Trump Administration Backs Crypto and Blockchain Sector
Three senior executives at Trump Media & Technology Group have launched Renatus Tactical Acquisition Corp I, a special-purpose acquisition company (SPAC), aiming to raise $179 million through public and private offering, Forbes reports. Citing an SEC registration statement filed on March 14, the media giant reports the SPAC aims to acquire a crypto or blockchain-related company amid the Trump administration’s backing of the sector.
Renatus Tactical Acquisition Corp I, a SPAC incorporated in the Cayman Islands, seeks to raise at least $179 million, which it will use to acquire another company. Per the SEC filing, Renatus is focused on acquisitions in the crypto, blockchain, data security and dual-use technology sectors. The registration statement notes these industries have heavy government involvement as regulators or major clients.
The firm’s leadership enjoys strong ties with the President’s media company. Forbes notes Renatus’ CEO, Eric Swider, is a Trump Media board member, while Devin Nunes, the president and chair of Trump Media, chairs Renatus’ board. Alexander Cano, Renatus Tactical’s COO, was president and secretary of Digital World, the firm that merged with Trump Media.
Details: Focus on the Crypto and Blockchain Sector
As previously noted, Renatus Tactical plans to use the funds raised to pursue acquisitions in the cryptocurrency, blockchain, data security and dual-use technologies markets.
In its SEC filing, Renatus Tactical explained its focus, stating:
“The current administration has taken unprecedented steps to integrate digital assets into the national financial strategy.”
While the company is interested in the abovementioned industries, it may pursue acquisitions in any industry.
Renatus Tactical aims to raise a substantial sum of $178,942,500 through an initial public offering and private placement. According to the filing, the company will sell 17.5 million shares to the public at $10 a share and 3,942,500 warrants at $1 each via a private placement.
Trump’s Pro-Crypto Plans
President Donald Trump won favour during the election for his intended pro-crypto policies. After years of intense crackdown on the industry, President Trump argued that continued siege would likely drive the sector off US shores, stating that under his administration, that would change. In his less than three months in office, Trump has made strides in promoting the industry, introducing a strategic Bitcoin reserve plan and signing an executive order instructing the establishment of a national digital asset stockpile. President Trump highlighted his commitment to advancing crypto legislation during the administration's first Crypto Summit. The commander-in-chief urged Congress to pass legislation before August, stating:
“I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet, and we’re taking historic action to deliver on that promise.”
President Trump’s pro-crypto policies have been met with enthusiasm, adding to his increasing approval from the public.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
