Trump Media & Technology Group, Crypto.com, and Yorkville Acquisition Corp. said Friday they have mutually agreed to terminate the proposed business combination that would have created Trump Media Group CRO Strategy, Inc., a publicly traded company built to accumulate CRO, the native token of Crypto.com’s Cronos blockchain.
The companies said the decision was driven by prevailing market conditions and shifting business and stakeholder priorities.
The same announcement also ended a separate arrangement under which Crypto.com would have serviced certain anticipated ETF offerings from Yorkville America. Yorkville said its existing America First funds, branded as Truth Social Funds, are not affected by the change.
In a separate reversal reported by Axios, Trump Media is also dropping plans to embed prediction markets directly into Truth Social. Instead, it will market Crypto.com’s prediction-market products to its users. CRO has fallen more than 11% since.
A $6.42 billion package is off the table
The unwind closes out one of the most aggressive corporate crypto bets tied to the 2025 treasury boom. When the deal was announced in August 2025, it called for:
- $1 billion in CRO
- $200 million in cash
- $220 million in mandatory-exercise warrants
- a $5 billion equity line of credit from a Yorkville affiliate
That added up to a $6.42 billion funding package. If completed, the company would have become the largest public holder of CRO and traded under the ticker MCGA.
Axios: market saturation shaped the decision
Interim CEO Kevin McGurn told Axios that the market for digital asset treasury companies had become saturated. He also said staking those assets matters less to Crypto.com now. According to Axios, McGurn said competition, not regulatory concern about a Trump-linked company operating in an industry overseen by his administration, drove the move.
McGurn said Trump Media is narrowing its focus around Truth Social’s audience and data. Its API business now has about 10 customers, up from roughly five, and most of them are high-frequency trading firms. He added that news organizations, index providers, large language model developers, and prediction-market platforms are all in licensing talks.
Trump Media hopes to close its merger with fusion energy company TAE before year-end.
Crypto exposure remains in place
Trump Media is not exiting crypto altogether. According to BitcoinTreasuries, it remains the 14th-largest public bitcoin treasury holder, with more than $600 million in BTC.
Wallets tied to the company recently moved 2,628 BTC to Crypto.com in two transactions. The company has said those were transfers, not sales.
Crypto.com also disclosed $35 million in donations to the pro-Trump super PAC MAGA Inc. in February. In the same month, the Office of the Comptroller of the Currency conditionally approved its national trust bank charter application.