Trump-Connected SPAC Raises Nearly $179M to Acquire Crypto, Blockchain, and Data Security Businesses

Three executives with close ties to Trump Media & Technology Group have formed a new SPAC to raise nearly $179 million for potential acquisitions

Three executives closely tied to Trump Media & Technology Group (NASDAQ:TRUM) have formed a new special purpose acquisition company (SPAC) to focus on cryptocurrency, blockchain, and data security acquisitions.

The SPAC, named Renatus Tactical Acquisition Corp I (NYSE:RTAC), was incorporated in the Cayman Islands and filed its registration statement with the Securities and Exchange Commission on Monday.

It aims to concentrate on “high-potential businesses based in the United States,” according to the filing. The primary target industries include cryptocurrency and blockchain, data security, and dual-use technologies.

Eric Swider will be the CEO of the new venture. Swider is currently a board member at Trump Media and previously served as chair of Digital World Acquisition Corp (NASDAQ:DWAC), which is merging with Trump Media.

Meanwhile, Devin Nunes will chair both Trump Media and the new Renatus Tactical SPAC. Nunes is set to juggle leadership roles in both organizations simultaneously.

Alexander Cano completes the leadership team as Chief Operating Officer. Cano previously held the president role at Digital World Acquisition Corp before its merger with Trump Media.

The SPAC is planning to raise nearly $179 million through public offerings. It will be selling 17.5 million shares at $10 each in an initial public offering and 3.94 million warrants at $1 each through a private placement.

Highlighting the current administration’s stance on crypto, Renatus stated in its SEC filing that the administration has taken unprecedented steps to integrate digital assets into the national financial strategy.

This includes President Trump’s March executive order to create a strategic Bitcoin reserve, which directs federal agencies to hold Bitcoin and develop budget-neutral strategies to acquire more.

These moves, the company noted, are “intended to benefit the digital assets industry,” and Renatus’s acquisition strategies will be carried out “with no cost to the taxpayers.”

However, the filing also recognized potential challenges arising from the company’s affiliations with Trump.

The company disclosed that some businesses “may not be willing to engage with us to provide services due to the affiliation of our management team and our board of directors” with Trump and Trump Media.

This concern is highlighted by the experiences of other Trump-connected businesses, such as Tesla Inc (NASDAQ:TSLA).

The SPAC’s launch comes as Trump increases his personal involvement in the crypto sector. His World Liberty Financial project recently announced raising an additional $250 million in its second token sale.

This brings World Liberty Financial’s total sales to $550 million since launching in October 2024. Reports indicate the Trump family could receive up to 75% of net revenue from this venture.

Trump Media & Technology Group operates Truth Social, the social media platform. Trump holds a majority stake in the company, with 114.75 million shares.

Financial publications estimate these shares form a large portion of Trump’s wealth. Shares in Trump Media are currently valued at $20.59, which places Trump’s shares at approximately $2.36 billion, according to Forbes.

Trump placed these shares in a trust in December 2024, ahead of his January 2025 inauguration.