Trump's media company just walked away from one of the biggest crypto deals of the year. Trump Media & Technology Group — the parent of Truth Social — along with crypto exchange Crypto.com and SPAC Yorkville Acquisition Corp have mutually terminated a $6.42 billion digital-asset treasury agreement.
The plan was to spin up a new public company, Trump Media Group CRO Strategy, built to accumulate Crypto.com's Cronos (CRO) token on its balance sheet — the same playbook MicroStrategy popularized with bitcoin. Funding was lined up as $1 billion in CRO tokens, $200 million in cash, another $220 million from warrant exercises, and a $5 billion credit line from a Yorkville affiliate. A second piece of the partnership also got scrapped: Truth Predict, a Crypto.com-powered prediction-market feature that was supposed to launch inside Truth Social.
The official explanation is deliberately bland. TMTG's interim CEO, Kevin McGurn, cited “prevailing market conditions and shifting business and stakeholder priorities.” But the timing lands amid mounting scrutiny in Washington over how the Trump family profits from crypto while the administration writes the rules for that same industry — just days after senators Warren and Blumenthal pushed the SEC to open a separate probe into Trump's memecoin.
Markets reacted fast. CRO dropped roughly 6-8% to around $0.05, its lowest level since 2023. Crypto.com CEO Kris Marszalek framed the split pragmatically: “moving forward under current market conditions doesn't make sense,” he said, adding the exchange will pursue other ETF opportunities instead.
Trump Media isn't exiting crypto entirely. It still held 9,542 bitcoin on its balance sheet at the end of the second quarter, a separate $105 million CRO purchase agreement remains in place, and the wallet infrastructure tie-up with Crypto.com for Truth Social's rewards program survives. The Trump family also keeps stakes in World Liberty Financial and its own memecoin, which generated more than $635 million in 2024. The ambition hasn't gone away — just the most visible, most politically awkward piece of it.
