CRO Plunges to 3-Year Low as Trump Media Cancels 2 Major Crypto.com Deals
Over a year after announcing the initial plans to complete several deals with the popular crypto exchange Crypto.com, Trump Media, the entity behind Truth Social, has backed off as it has now focused on other internal developments and an upcoming merger.
The native token of the platform reacted with an immediate nosedive that pushed it to just under $0.05.
Acquisition Plan Dies
Following the US presidential elections in 2024, the newly elected POTUS started making major crypto moves through some of the entities linked to his family. Some of them involved Crypto.com, which included an ETF deal and plans to accumulate $6.4 billion in CRO. Now, though, that initiative, which was supposed to be called Trump Media Group CRO Strategy and include Trump Media, crypto.com, and Yorkville Acquisition, appears to be the most significant casualty.
According to a shared announcement from all three parties, the plan has been mutually terminated as they cited “prevailing market conditions” as well as changing business and stakeholder priorities. This means that the original idea of receiving $1 billion worth of CRO supplied by Crypto.com and a $5 billion credit facility has been scrapped.
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