Trump Media and Crypto.com terminate planned CRO treasury deal

Trump Media, Crypto.com and Yorkville Acquisition have mutually terminated their proposed business combination to create Trump Media Group CRO Strategy, a digital asset treasury company focused on CRO.

CRO, the token of the Crypto.com ecosystem, dropped more than 4% following the announcement.

The companies announced the decision Friday, citing prevailing market conditions and shifting business and stakeholder priorities.

Crypto.com cofounder and CEO Kris Marszalek said the companies reached the decision after reviewing the proposed ETFs and digital asset treasury structure from multiple angles.

“After analyzing these proposed ETFs and DAT from every angle, we’ve reached the same conclusion: moving forward under current market conditions doesn’t make sense,” Marszalek said.

Marszalek added that Crypto.com will continue pursuing other ETF opportunities and plans to find another way to allocate the CRO previously committed to the digital asset treasury, with the goal of driving revenue, increasing demand and growing the ecosystem.

All discussions and development efforts related to the proposed business combination and digital asset treasury structure will now end.

Separately, Crypto.com, Trump Media and Yorkville America have also agreed not to move forward with a previously announced partnership under which Crypto.com would service certain anticipated Yorkville America ETF offerings.

Yorkville America said its plans for its existing and future ETF offerings remain unchanged outside of the discontinued Crypto.com servicing arrangement.

Edited to include commentary from Crypto.com CEO Kris Marszalek.