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Trump Media Group Terminates CRO Treasury and Prediction Market Plans with Crypto.com

1 hours ago

According to Axios, Trump Media & Technology Group (TMTG) is scaling back its crypto business, exiting two crypto-related deals it had been advancing with Crypto.com and Yorkville Acquisition Corp. Kevin McGurn, TMTG’s interim CEO, said the company wants to refocus on its media business and a potential merger plan with nuclear fusion energy firm TAE, noting that the digital asset treasury company market has become saturated over the past year. Specifically, TMTG, Crypto.com, and Yorkville have jointly announced the termination of the Trump Media Group CRO Strategy initiative. The three parties stated the decision was made based on “changes in the current market environment and adjustments to business and stakeholder priorities”. They also scrapped the previously announced service cooperation agreement and some digital asset product plans. Earlier, the project aimed to build a publicly listed company around Crypto.com’s Cronos blockchain and CRO token, generate revenue by building a large CRO token reserve, and become “the first and largest publicly traded CRO treasury company”. Additionally, TMTG and Crypto.com have scaled back plans to integrate a prediction market directly into the Truth Social platform, instead considering promoting Crypto.com’s prediction market products to Truth Social users through marketing partnerships. McGurn said the company believes TMTG is better suited to serve as a data and traffic distribution platform rather than operating underlying financial products. Currently, the number of clients for Truth Social’s data API business has risen to around 10, including high-frequency trading firms that use social media data to support algorithmic trading. The company also plans to explore licensing data to large AI model developers and prediction market platforms in the future.

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