Trump Media and Crypto.com Scrap $6.42 Billion CRO Treasury Company and ETF Partnership

Trump Media & Technology Group, Crypto.com and Yorkville Acquisition Corp. said Friday they had mutually agreed to terminate the proposed business combination that would have created Trump Media Group CRO Strategy, Inc., a publicly traded vehicle built to accumulate CRO, the native token of Crypto.com’s Cronos blockchain. The parties cited prevailing market conditions and shifting business and stakeholder priorities.

The same announcement ended a separate arrangement under which Crypto.com would have serviced certain anticipated ETF offerings from Yorkville America. Yorkville said its existing America First funds, branded Truth Social Funds, are unaffected. In a second reversal reported by Axios, Trump Media is also abandoning plans to embed prediction markets directly into Truth Social and will instead market Crypto.com’s prediction-market products to its users. CRO is down over 11% since.

The unwind closes out one of the most aggressive corporate crypto bets of the 2025 treasury boom. When it was announced in August 2025, the deal contemplated $1 billion in CRO, $200 million in cash, $220 million in mandatory-exercise warrants and a $5 billion equity line of credit from a Yorkville affiliate, a $6.42 billion funding package that would have made it the largest public CRO holder, trading under the ticker MCGA. Interim CEO Kevin McGurn told Axios the market for digital asset treasury companies had become saturated and that staking those assets matters less to Crypto.com now.

McGurn said competition drove the decision rather than regulatory concern about a Trump-linked company operating in an industry his administration oversees, Axios reported. He is narrowing the company around Truth Social’s audience and data. Its API business now has about 10 customers, up from roughly five, mostly high-frequency trading firms, and McGurn said news organizations, index providers, large language model developers and prediction-market platforms are all in licensing conversations. Trump Media hopes to close its merger with fusion energy company TAE before year end.

Trump Media is not exiting crypto entirely. It remains the 14th-largest public bitcoin treasury with more than $600 million of BTC, according to BitcoinTreasuries. Wallets tied to the company recently moved 2,628 BTC to Crypto.com in two transactions, which the company has said were transfers rather than sales. Crypto.com disclosed $35 million in donations to the pro-Trump super PAC MAGA Inc. in February, the same month the OCC conditionally approved its national trust bank charter application.

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