Make CRO Great Again

Daily Updates:

• The native cryptocurrency of the Cronos blockchain, developed by Crypto.com, has surged 41% in the past 24 hours. CRO currently trades at $0.23, with yesterday’s rally bringing its weekly performance to +58%. 
• That outsized gain relative to the rest of the market comes amidst news that Trump Media & Technology Group Corp. and Crypto.com have agreed to a $6.4B deal with blank-check company, Yorkville Acquisition Corp., to create a crypto treasury company focused on buying and holding CRO tokens.
• Yorkville Acquisition Corp plans to be listed on the Nasdaq under the ticker MCGA — Make CRO Great Again — and will buy $1B worth of CRO tokens. 
• According to the firms, the deal will form the “first and largest publicly traded CRO treasury company”.
• Chief executive of Crypto.com, Kris Marszalek, posted on X: 

“-at completion, Trump Media Group CRO Strategy will be the WORLD’S LARGEST HOLDER of $CRO, with 6,313,000,212 CRO

- separately, Trump Technology Media Group ($DJT) acquired $105m of $CRO and Crypto.com acquired $50m of $DJT

- This brings the total $CRO under the Trump Media Group umbrella to ~7 billion tokens.”

• That means the digital treasury will own ~20.6% of the total circulating supply of the CRO token.

• The wider crypto market has bounced back slightly in the last 24 hours too. After dropping to $109K, a seven week low, BTC pared back some of its losses and now trades at $111K. 
• ETH is up more than 4% over the past 24 hours, once more reclaiming the $4.6K level. 
• In yesterday’s daily comment we noted that short-tenor ATM implied volatility for BTC rose past 40% — its highest level of IV since mid-July. IV did not hold at those levels for long however, and has since dropped 7 points down to 33%. 
• 7-day IV for ETH options has also dropped a similar number of vol points from its highs earlier in the week of 75%. 
• The ATM IV ratio between 7-day ETH options and 7-day BTC options still remains above 2 — having touched 2.49 on Friday night following Chair Powell’s Jackson Hole speech and 2.57 on Aug 9, 2025. 
• 7-day 25-delta ETH skew is at 0.78%, with skew across the term structure tilted towards OTM call options – that contrasts skew for BTC where traders are still bearish across the term structure with 7-day OTM puts trading 5.3 vol points above the level of OTM calls.

• Longer-dated US treasury yields rose for another day partly over continued concerns on the political autonomy of the Federal Reserve, after President Trump said on Monday that he had fired Federal Reserve Governor Lisa Cook.
• Thirty year Treasury yields rose by 5bps to 4.93%, while two year yields dropped slightly amid continued expectations of an easing in monetary policy. Together, the moves have steepened the treasury yield curve, with the 5s30s curve currently at its steepest since 2021. 
• The pressure on the back end of the yield curve is not unique to the US either. UK long bond yields soared within inches of a 27-year high yesterday as pressure mounts on the U.K. government to control its fiscal stance.
• The yield on 30-year gilts surged 9bps to 5.63%. A level of 5.66% will be the highest 30-year yield since 1998.
• In France, 10-year bond yields have risen nearly 10bps over the past week to 3.5% after Prime Minister Francois Bayrou called for a confidence vote that may topple the French government.

• While markets have mainly been focused on the September FOMC meeting, New York Federal Reserve Bank President John Williams has signalled that the Fed may be able to lower interest rates further when its easing cycle does resume. 
• Williams said the US economy’s neutral interest rate, where rates are neither stimulating nor contracting the economy, may not be much different than before the COVID pandemic. 
• “The global demographic and productivity growth trends that pushed r-star down have not reversed,” Williams said at a conference on Monday. 
• He added that “the era of low r-star appears far from over.”

• Polymarket has secured a strategic investment from 1789 Capital and appointed Donald Trump Jr., a partner of the firm, to its advisory board. 
• This comes as part of Polymarket’s mission to expand global adoption of its prediction markets.

• Digital asset management firm Canary Capital has submitted an S-1 filing to the US SEC seeking to launch a $TRUMP spot ETF, which would track the value of the meme coin.
• Similarly, Digital asset manager Bitwise has submitted an S-1 with the US SEC to introduce a LINK ETF, tracking Chainlink’s native coin. 

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