Yorkville SPAC Files S-4 and Appoints New CEO/CFO for Trump Media Group's CRO Strategy

Yorkville Acquisition Corp. has submitted a confidential Form S-4 to the U.S. Securities and Exchange Commission (SEC). This filing represents a significant step towards finalizing its proposed merger with affiliates of Trump Media & Technology Group and Crypto(.)com.

Key Takeaways

Yorkville Acquisition Corp. filed a confidential Form S-4, advancing its merger with Trump Media Group and Crypto(.)com.
The SPAC is set to appoint Steve Gutterman as CEO and Sim Salzman as CFO as it creates a digital-asset treasury focused on CRO.
Following the merger, the new entity will be named Trump Media Group CRO Strategy, continuing to trade under the symbol MCGA.
There are plans to manage large reserves of CRO tokens with significant initial funding commitments.
Despite recent challenges in CRO's market performance, Trump Media continues to integrate CRO into its platforms.

Yorkville SPAC Files S-4 and Appoints New CEO/CFO for Trump Media Group's CRO Strategy

The submission coincides with the appointment of seasoned public company leaders, Steve Gutterman as CEO and Sim Salzman as CFO, tasked with initiating a new digital-asset treasury company centered on the Cronos (CRO) ecosystem.

Yorkville’s MCGA SPAC Moves Forward With New Leadership

In the recent filing, Yorkville, which trades on Nasdaq under the ticker MCGA, confirmed progress in its merger with affiliates of Trump Media & Technology Group and Crypto(.)com.

Upon completion of the merger, the company will be renamed Trump Media Group CRO Strategy and will retain the MCGA ticker, interpreted as "Make CRO Great Again."

Along with the filing, Yorkville introduced two experienced executives to lead the new entity. Both executives are preparing for their roles as the deal is projected to finalize in the first quarter of 2026.

This merger aims to create a publicly traded digital-asset treasury focused on acquiring and managing substantial reserves of Cronos (CRO), the main token of the Cronos blockchain ecosystem.

Founding partners, including Trump Media, Crypto(.)com, and Yorkville, will contribute assets to establish a company dedicated to CRO acquisition, platform integration, and long-term treasury growth.

Kevin McGurn, CEO of Yorkville, remarked that these leadership choices bring vital expertise for what he refers to as a valuable opportunity for shareholders.

Leaders from Crypto(.)com and Trump Media echoed his sentiments, highlighting the new team’s extensive experience in digital assets, capital markets, and large-scale corporate transactions.

Gutterman has decades of public-company leadership experience, including a recent role as CEO of Gryphon Digital Mining, where he successfully managed a corporate turnaround and the sale to American Bitcoin.

Previously, he held senior positions at ETRADE Financial and ETRADE Bank. Salzman also has experience in senior finance roles at Gryphon, Marathon Digital Holdings, Corner Bar Management, and the Las Vegas Monorail Company.

CRO Treasury Plans Progress Despite Market Challenges

The CRO-centric entity has been taking shape for several months. The initial strategy was announced in August 2025, detailing plans to set up the first major publicly traded CRO treasury.

Initial funding commitments are substantial, including about $1 billion in CRO tokens, $200 million in cash, $220 million in warrants, and a $5 billion equity line of credit from Yorkville's affiliate YA II PN, Ltd.

If all goes as planned, the company will manage one of the largest single-asset crypto treasuries available, predominantly utilizing CRO reserves.

This setup emulates a corporate treasury model similar to that utilized by Strategy's long-term acquisition of Bitcoin, but it tailors that model to the Cronos environment.

The company plans to acquire CRO, stake its holdings using Crypto(.)com Custody, and generate an estimated annual yield of approximately 6%. Additionally, it plans to run a validator node on Cronos to enhance network operations and accumulate rewards.

Simultaneously, Trump Media has been integrating CRO into its platforms to a greater extent. Recently, they transitioned from developing an in-house utility token to a system allowing Truth Social “gems” to be converted into CRO via Crypto.com’s wallet infrastructure.

Plans for CRO-based payments for subscriptions and other platform features are also underway.

Trump Media has also invested heavily in CRO, purchasing hundreds of millions of tokens. In September, the company finalized a $105 million agreement with Crypto.com to acquire 684.4 million tokens at an average price of around $0.153.

CRO's Market Performance

The market performance of CRO has been unstable amid these developments. Currently, Trump Media Corp. holds 756 million CRO tokens, valued at approximately $75 million, reflecting an unrealized loss of about $38.7 million due to a 34% decline in value.

At present, the token is trading at around $0.099, representing a 32% decrease over the last month.