TLDR
- Trump Media executives launched Renatus Tactical Acquisition Corp I, a SPAC seeking to raise $179 million
- The SPAC aims to acquire US-based companies in cryptocurrency, blockchain, data security, or dual-use technology sectors
- Key executives include Eric Swider (CEO), Devin Nunes (Chairman), and Alexander Cano (COO), all with close ties to Trump Media
- The company plans to sell 17.5 million shares at $10 each and offer 3.94 million warrants through private placement
- The SPAC cites the Trump administration’s support for crypto, including the March executive order to create a strategic Bitcoin reserve
Three executives with close ties to Trump Media & Technology Group have formed a new special purpose acquisition company (SPAC) to raise nearly $179 million for potential acquisitions in the cryptocurrency, blockchain, and data security sectors.
The SPAC, named Renatus Tactical Acquisition Corp I, was incorporated in the Cayman Islands. It filed a registration statement with the Securities and Exchange Commission on March 14, 2025.
The company aims to focus on “high-potential businesses based in the United States” according to the filing. Primary target industries include cryptocurrency and blockchain, data security, and dual-use technologies.
Eric Swider will serve as CEO of the new venture. Swider is currently a board member at Trump Media and previously led Digital World Acquisition Corp, the SPAC that merged with Trump Media.
Devin Nunes chairs both Trump Media and the new Renatus Tactical SPAC. Nunes is maintaining leadership roles in both organizations simultaneously.
Alexander Cano rounds out the leadership team as Chief Operating Officer. Cano previously served as president of Digital World Acquisition Corp before its merger with Trump Media.
The SPAC seeks to raise $178.9 million through public offerings. Its strategy includes selling 17.5 million shares at $10 each in an initial public offering.
Renatus plans to offer 3.94 million warrants at $1 each through a private placement. This dual approach combines both public and private fundraising methods.
In its SEC filing, Renatus highlighted the current administration’s crypto-friendly stance. “The current administration has taken unprecedented steps to integrate digital assets into the national financial strategy,” the company stated.
Trump’s Bitcoin Reserve
The filing specifically mentioned President Trump’s March executive order to create a strategic Bitcoin reserve. This executive action directs federal agencies to hold Bitcoin and develop budget-neutral strategies to acquire more.
The company noted that these moves are “aimed at benefiting the digital assets industry.” The SPAC emphasized that these acquisition strategies would come “with no cost to taxpayers.”
However, the filing also acknowledged potential challenges related to its Trump connections. The company disclosed that some businesses “may not want 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 reflects experiences of other Trump-connected businesses. The filing pointed to Tesla’s struggles, noting the company has seen its share price drop over 40% this year partly due to CEO Elon Musk’s role as White House cost-cutting advisor.
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, a social media platform. Trump holds a majority stake in the company, with 114.75 million shares.
Financial publications estimate these shares account for a large portion of Trump’s wealth. Forbes values the shares at approximately $2.36 billion based on Trump Media’s current stock price of $20.59.
Trump placed these shares in a trust in December 2024. This move was made in an effort to address potential conflicts of interest ahead of his inauguration in January 2025.
