Trump Media Pulls Back From Crypto Deals Under Interim CEO McGurn
Trump Media and Technology Group has reportedly terminated its planned Cronos (CRO) treasury venture with Crypto.com and Yorkville Acquisition Corp. The companies also abandoned a related services agreement and a set of digital asset products.
Interim CEO Kevin McGurn told Axios on Friday that the crypto deals ended because the treasury sector became saturated. Trump Media will instead concentrate on Truth Social, data licensing, and its pending merger with fusion energy company TAE.
Why the Trump Media Crypto Deals Collapsed
The venture, announced last year, would have licensed the Trump Media brand. The resulting company was built around Crypto.com's Cronos blockchain and its CRO token. At launch, the partners billed it as the first and largest publicly traded CRO treasury firm.
Yorkville Acquisition Corp, a blank-check vehicle created to take the venture public, agreed to the termination as well. However, Yorkville America's America First ETFs, branded as Truth Social Funds, will keep operating.
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