Trump Media & Technology Group Corp. and Crypto.com have abandoned a series of planned cryptocurrency initiatives, including a digital asset treasury focused on Crypto.com’s CRO token and a proposed prediction market integration with Truth Social.
The companies ended an agreement announced last year to create a digital treasury company that would acquire billions of dollars worth of CRO. They also dropped plans to make prediction market contracts available through Trump Media’s Truth Social platform.
In addition, Trump Media and Crypto.com canceled an arrangement under which Crypto.com would have provided services for certain planned exchange-traded fund offerings.
The pullback comes amid a more challenging environment for digital assets. Bitcoin has fallen sharply from last year’s highs, while investor enthusiasm for publicly traded companies built around accumulating large holdings of cryptocurrencies has cooled.
“After analyzing these proposed ETFs and DAT from every angle, we’ve reached the same conclusion: moving forward under current market conditions doesn’t make sense,” Crypto.com CEO Kris Marszalek said in a statement.
Marszalek said Crypto.com will continue pursuing other ETF opportunities and intends to find alternative uses for the CRO that had been committed to the proposed digital asset treasury.
