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Trump Media and Crypto.com cancel $6.42 billion digital-asset treasury plan
The cancelled combination would have created a publicly traded vehicle centered on accumulating Crypto.com’s Cronos token, and CRO shares fell 6.0% to $0.05009 after the termination.
Trump Media & Technology Group and Crypto.com have scrapped plans for a $6.42 billion digital-asset treasury venture, agreeing to terminate the proposed combination with Yorkville Acquisition Corp., according to CryptoSlate. The deal would have formed a publicly traded company, described as a CRO strategy vehicle, built around accumulating Crypto.com’s Cronos token. The planned funding package included $1.0 billion of CRO, $200 million in cash, $220 million from mandatory warrant exercises, and a $5.0 billion equity line of credit from a Yorkville affiliate. CryptoSlate reports that the companies said the scale of the planned vehicle would have allowed it to control a historically large pool of tokens relative to CRO’s market capitalization. However, the firms reversed course, citing market conditions and shifting business and stakeholder priorities. Following the announcement, CryptoSlate reports that CRO fell 6.0% to $0.05009, its lowest level since 2023. The cancellation comes as negotiations over US crypto legislation increasingly focus on President Donald Trump’s family crypto earnings, including more than $1.4 billion reported last year.