Trump Media execs launch SPAC to raise $179M; eyeing US-based crypto, data security firms

Three executives at Trump Media Technology Group have set up a special purpose acquisition company to acquire a U.S. crypto or blockchain company, as the Trump administration has shifted regulatory direction on crypto.

In a registration statement with the Securities and Exchange Commission, Renatus Tactical Acquisition Corp I, a blank-check company incorporated in the Cayman Islands, stated that it intends to "focus our search on high-potential businesses based in the United States in the cryptocurrency and blockchain, data security and dual-use technologies markets."

"The current administration has taken unprecedented steps to integrate digital assets into the national financial strategy," the company said in the filing. 

The SPAC's management team is closely connected to U.S. President Donald Trump's media firm. Eric Swider, a board member of Trump Media, serves as Renatus' CEO, while Devin Nunes chairs both Trump Media and Renatus. Alexander Cano, who was president of a firm that merged with Trump Media, serves as chief operating officer of Renatus.

Renatus seeks to raise $178.9 million by selling 17.5 million shares, according to the filing. It noted that it plans to complete a business combination through both an initial public offering and private placement.

It also highlighted Trump's March executive order to create a strategic bitcoin reserve. "The move, aimed at benefiting the digital assets industry, directs federal agencies to hold onto Bitcoin and develop budget-neutral strategies to acquire more, with no cost to taxpayers," the company said.