The low‐temperature electronic structure of the van der Waals ferromagnet is investigated. This ferromagnetic semiconductor has a magnetic bulk transition temperature of 33 K, which can reach up to 80 K in single‐ and few‐layer flakes. X‐ray absorption spectroscopy (XAS) and X‐ray magnetic circular dichroism (XMCD) measurements, carried out at the Cr and Te edges in vacuo‐cleaved single crystals, give strong evidence for hybridization‐mediated superexchange between the Cr atoms. The observed chemical shift in the XAS, as well as the comparison of XMCD with the calculated Cr multiplet spectra, confirms a strong covalent bond between the Cr () and Te states. Application of the XMCD sum rules gives a nonvanishing orbital moment, supporting a partial occupation of the states, apart from . Also, the presence of a nonzero XMCD signal at the Te edge confirms a Te spin polarization due to mixing with the Cr bonding states. The results strongly suggest that superexchange, instead of the previously suggested single‐ion anisotropy, is responsible for the low‐temperature ferromagnetic ordering of 2D materials such as and . This demonstrates the interplay between electron correlation and ferromagnetism in insulating 2D materials.