Trump Media ends token, prediction market deals with Crypto.com
The Trump-controlled conglomerate steps back from the crypto space after Bitcoin prices plunge
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[PORTLAND] A year after agreeing to form a digital treasury company to buy billions of dollars of the Crypto.com digital token known as CRO, Trump Media and Technology Group ended the deal on Friday (Aug 7).
The two companies also dropped a plan that would have made prediction market contracts available on the Truth Social network, which is owned by Trump Media.
The withdrawal marks a step back by the Trump-controlled conglomerate from the crypto space after Bitcoin prices fell by nearly half to around $65,000 since their peak in 2025 and enthusiasm for token-hoarding stock vehicles faded.
Crypto.com and Trump Media also cancelled a plan to have Crypto.com service certain exchange-traded fund (ETF) offerings.
“After analysing these proposed ETFs and DAT from every angle, we’ve reached the same conclusion: moving forward under current market conditions doesn’t make sense,” Kris Marszalek, chief executive officer of Crypto.com, said in an emailed statement. “We will continue to pursue other ETF opportunities.”
Trump Media announced in December that it will merge with TAE Technologies, a closely held fusion developer founded in 1998, in a transaction valued at more than US$6 billion.
Shareholders of each company will own about 50 per cent of the combined business after the all-stock deal is completed, Trump Media said in a statement.
While that deal initially contemplated the spinoff of assets including Truth Social, the companies said in June that they were no longer pursuing that transaction.
In July, the company announced a plan to sell real-time access to Truth Social posts from the social media platform’s “highest ranking” accounts.
Crypto.com recently announced that Citadel Securities invested US$400 million into the exchange at valuation of about US$20 billion.
Trump Media did not immediately return a request for comment. BLOOMBERG
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