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On March 20, 2025, Forbes reported that three senior executives from Trump Media & Technology Group have established Renatus Tactical Acquisition Corp I, a Cayman Islands-based special purpose acquisition company (SPAC).
The new SPAC filed a S-1 registration statement with the Securities and Exchange Commission (SEC) on March 14, 2025.
It sought to raise $179 million through an initial public offering and private placement.
Raised funds will reportedly be used to acquire a company. Its primary focus will be on the cryptocurrency, blockchain, data security, and dual-use technology sectors.
Renatus Tactica aims to raise $178,942,500 by offering 17.5 million shares at $10 each and 3,942,500 warrants at $1 each in a private placement, according to the SEC filing.
The SPAC is led by Eric Swider, CEO and a Trump Media board member. He previously headed the Digital World merger.
Joining him will be Devin Nunes, chair of Renatus Tactical’s board and Trump Media’s CEO. He had resigned from Congress in January 2022.
Alexander Cano, COO, who served as president and secretary of Digital World in 2021, will also be a part of this.
Their involvement stems from their roles in the October 2021 merger between Trump Media and Digital World.
The SEC filing specifies a focus on cryptocurrency and blockchain. Data security and dual-use technologies are also included.
President Donald Trump appointees currently lead the SEC, Department of Justice, and Federal Trade Commission, agencies responsible for reviewing mergers.
Renatus Tactical’s leadership has experience with the challenges of Trump Media’s public listing.
The Digital World merger faced delays, insider trading charges, unreliable financial statements. It also faced an $18 million SEC fraud settlement, as reported by Forbes.
Regulatory Challenges Amid Pro-Crypto Era
Digital World risked Nasdaq delisting for failing to file mandatory reports. Post-merger, Trump Media encountered multiple challenges.
Those included cofounder lawsuits, ownership disputes, and an auditor change after the SEC charged BF Borgers with fraud in 2024, leading to a $12 million fine and industry ban for the firm.
Despite this history, the SEC filing notes the Trump administration’s “unprecedented steps” to integrate digital assets into U.S. financial strategy.
However, the filing also acknowledges risks, stating that third parties may hesitate to engage due to the management team’s ties to Trump Media and President Donald Trump.
Additionally, Attorney General Pam Bondi, a Trump ally, received $3 million in Digital World shares for consulting services with Swider’s separate company, Renatus LLC, per Forbes.
This SPAC’s focus aligns with the Trump administration’s regulatory approach to digital assets, potentially benefiting from favorable oversight.
The Trump-linked media group is no stranger to crypto related investments. In February it filed trademark applications for a range of ETFs and separately managed accounts (SMAs) under its Truth.Fi brand.
The move came after the company’s board approved up to $250 million in investments, with Charles Schwab serving as custodian and investment advisor.
