Trump Media Abandons $6.42 Billion Cronos Treasury Venture

Trump Media and Crypto.com have ended their plans for a $6.42 billion treasury venture centered around Cronos (CRO), citing market conditions and shifting corporate priorities.

The firms also scrapped a services agreement and a plan to bring prediction market contracts to Truth Social, according to a joint statement first reported by Axios.

Interim chief executive Kevin McGurn said the digital asset treasury sector had grown crowded as more public companies copied the same balance sheet playbook.

Cronos fell as much as 5% after the announcement and changed hands near $0.048 on Monday, although Trump Media's existing position of $105 million in CRO was not unwound.