Three executives from a media and technology firm connected to a former president are leading a company that may seek to acquire a cryptocurrency or blockchain enterprise based in the United States, drawing on the administration’s support for the industry.
This group aims to raise $179 million through a combination of public and private offerings via a special-purpose acquisition company (SPAC) incorporated in the Cayman Islands, named Renatus Tactical Acquisition Corp I, as outlined in a regulatory filing on March 14.
The CEO of Renatus Tactical, Eric Swider, serves as a director at the media company and previously held the CEO position at Digital World Acquisition Corp., the SPAC that merged with the firm to facilitate its public listing. Alexander Cano, the company’s operating chief, was the president of Digital World, and Devin Nunes, the CEO and chair of the media company, also leads Renatus Tactical.
Renatus Tactical has not specified the exact targets for acquisition, indicating it could acquire “one or more businesses” and is also interested in investments related to data security and technologies applicable to both military and civilian sectors.
While it has the flexibility to pursue opportunities in various industries globally, the company expresses a preference for focusing on promising enterprises within the United States.
In the filing, Renatus Tactical stated that the previous administration took significant measures to incorporate digital assets into the national financial framework, referencing an executive order from early March that aimed to establish a Bitcoin reserve and a stockpile of cryptocurrencies, as well as a January directive to form a working group for developing crypto regulations.
Nevertheless, the company acknowledged that its connections to the former president could present challenges, as some entities might hesitate to engage due to the affiliations of its management and board members.
This situation reflects broader concerns seen with companies like a certain electric vehicle manufacturer, which has experienced substantial declines in its stock price—over 40% this year—partly due to its CEO’s role in a government cost-cutting initiative, prompting backlash that resulted in vandalism against its products and dealerships.
The former president holds a majority stake in the media company, which operates the social platform Truth Social.
Estimates suggest the former president’s net worth to be around $4.8 billion, with other assessments placing it at over $6.5 billion, largely attributed to his substantial shareholdings in the media firm, valued at $2.36 billion based on its current stock price.
In December, he transferred his shares into a trust to mitigate any potential conflicts of interest prior to his inauguration.