We investigate the temperature-dependent electronic structure of the van der Waals ferromagnet, CrGeTe 3 . Using angle-resolved photoemission spectroscopy, we identify atomic-and orbital-specific band shifts upon cooling through T C . From these, together with x-ray absorption spectroscopy and x-ray magnetic circular dichroism measurements, we identify the states created by a covalent bond between the Te 5p and the Cr e g orbitals as the primary driver of the ferromagnetic ordering in this system, while it is the Cr t 2g states that carry the majority of the spin moment. The t 2g states furthermore exhibit a marked bandwidth increase and a remarkable lifetime enhancement upon entering the ordered phase, pointing to a delicate interplay between localized and itinerant states in this family of layered ferromagnets.