Trump Media and Technology Group (TMTG) has initiated the establishment of a new company registered in the Cayman Islands, aimed at acquiring a firm engaged in cryptocurrency and blockchain. The newly formed entity, named Renatus Tactical Acquisition Corp I, is targeting a fundraising goal of at least $1.79 billion. The executives involved in this venture are noted for their close connections to former President Donald Trump.
Leadership Team of Renatus Tactical
Renatus Tactical Acquisition Corp I has outlined its focus areas in documentation submitted to the U.S. Securities and Exchange Commission (SEC), which include cryptocurrency, blockchain, data security, and technologies suitable for both military and civilian applications. The company has highlighted the current U.S. administration’s measures to integrate cryptocurrencies into the national financial strategy.
The executive team is prominent for its ties to Trump Media and Technology Group. CEO Eric Swider serves on the board of Trump Media, while the board chairman Devin Nunes is the CEO of Trump Media. COO Alexander Cano is known as the former president of the company merging with Trump Media.
These individuals, who played significant roles in the turbulent merger process between Trump Media and Digital World, plan to focus their new company on the cryptocurrency and blockchain sectors.
SEC Previously Targeted Renatus Tactical Executives
The founding team of Renatus Tactical has previously been involved in legal issues related to the corporate dealings between Trump Media and Digital World. Digital World faced several challenges from the SEC during its merger process with Trump Media. The merger, completed in March 2024, encountered investigations and legal obstacles for 29 months.
The SEC charged a board member of Digital World along with two individuals for insider trading, resulting in one board member being found guilty in court. Furthermore, Digital World’s acceptance of the unreliability of its two-year financial statements led to threats of delisting from Nasdaq and a settlement of an $18 million fraud lawsuit with the SEC, highlighting some of the company’s major legal troubles.
Additionally, co-founders of Trump Media filed lawsuits claiming that the stock distribution harmed them, while Trump Media countered, asserting that the co-founders contributed little to the company’s significant success.
