The venture with Yorkville Acquisition Corp. would have been the first publicly traded CRO treasury company. CRO fell on the news.
President Donald Trump's Trump Media & Technology Group has scrapped plans to launch a Crypto.com-backed CRO treasury company and dropped a broader digital asset deal with the exchange, Axios reported.
Trump Media, Crypto.com, and special purpose acquisition company Yorkville Acquisition Corp. agreed to terminate the proposed venture, a previously announced services agreement, and related digital asset products, the report said. The companies cited "prevailing market conditions" and "shifting business and stakeholder priorities."
The venture would have licensed the Trump Media name for a company built around Crypto.com's Cronos blockchain and the Cronos token, CRO. When announced last year, the partners said it would become the first and largest publicly traded CRO treasury company by accumulating the token and generating returns from those holdings. CRO trades near $0.05, down on the news, with a market capitalization around $2.4 billion.
Interim CEO Kevin McGurn told Axios the company is narrowing its focus after the market for digital asset treasury companies became crowded over the past year. Staking has become less important to Crypto.com, making it the right time to go separate ways, he added.
Trump Media is also abandoning plans to integrate prediction markets directly into Truth Social. The companies will instead pursue a marketing deal that promotes Crypto.com's prediction market products to Truth Social users. The prediction market business has become crowded, making it a less compelling area for investment, McGurn said. Trump Media now sees greater value as a distribution and data partner.
The relationship had expanded sharply over the past year. In October 2025, Trump Media announced Truth Predict, a Crypto.com-powered prediction market integrated with Truth Social. In December, the companies unveiled plans for a publicly traded CRO treasury company with Yorkville, which was expected to hold billions of CRO tokens. In February, Crypto.com disclosed donating $35 million over the previous year to the pro-Trump super PAC MAGA Inc. The same month, the Office of the Comptroller of the Currency conditionally approved the exchange's application for a national trust bank charter.
Democrats have repeatedly criticized Trump's expanding crypto ventures. Earlier this week, Sens. Elizabeth Warren (D-Mass.) and Richard Blumenthal (D-Conn.) urged the SEC to investigate President Trump's meme coin, arguing the agency should determine whether it facilitated fraud or unjust enrichment. The request is the latest sign of growing Democratic scrutiny of Trump's business dealings in crypto ahead of November's midterm elections.
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