Trump Media & Technology Group, the media company backed by U.S. President Donald Trump, is pulling back from two crypto deals with Crypto.com, according to an Axios report carried by Bitcoin Magazine.
Axios reported Friday that the two arrangements — a prediction market and a treasury deal — will not move ahead.
Two Crypto.com plans will not proceed
Citing comments from Kevin McGurn, interim CEO of fusion energy company TAE, Axios said Trump Media stepped away from the deals because the market for digital asset treasury companies had become saturated over the past year.
Trump Media said last year that it was working with crypto exchange Crypto.com to build a Cronos treasury backed by $6.4 billion. Cronos is the native token of Crypto.com’s platform.
The company later said in 2025 that it was also working with Crypto.com on Truth Predict, a betting platform that would let users put money on sports games, elections, and other events.
Competitive pressure, not regulation
McGurn was quoted as saying the decision to scale back was driven more by competitive dynamics than by regulatory concerns tied to a crypto company backed by the president.
Digital asset treasury companies surged in popularity last year, with firms following the example of Nasdaq-listed software company Strategy by adding Bitcoin and other cryptocurrencies to their balance sheets.
But a decline in prices since October has hurt the stocks of several companies that adopted that business model.
ETF plans remain in place
Trump campaigned on support for the crypto sector and received backing from major industry players. Since taking office, he has launched a meme coin, and he and his family have backed a crypto project called World Liberty Financial.
Axios also said the exchange-traded funds launched last year by Trump Media, special purpose acquisition company Yorkville Acquisition Corp., and Crypto.com will continue.
The article first appeared in Bitcoin Magazine and was written by Mathew Di Salvo.