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Trump Media, Crypto.com and Yorkville Acquisition have mutually terminated their proposed business combination to create Trump Media Group $CRO Strategy, a digital asset treasury company focused on $CRO.
$CRO, the native token of Crypto.com’s Cronos ecosystem, dropped more than 4% following the announcement.
The companies announced the decision Friday, citing prevailing market conditions and shifting business and stakeholder priorities. The proposed company had been expected to hold about $1 billion worth of $CRO as part of its treasury structure.
All discussions and development efforts related to the proposed business combination and digital asset treasury structure will now end.
Separately, Crypto.com, Trump Media and Yorkville America have also agreed not to move forward with a previously announced partnership under which Crypto.com would service certain anticipated Yorkville America ETF offerings.
Yorkville America said its plans for its existing and future ETF offerings remain unchanged outside of the discontinued Crypto.com servicing arrangement.
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