Trump Media Abandons Crypto Division Amid Market Conditions

Trump Media & Technology Group has shut down its cryptocurrency division due to market conditions and shifting business priorities. The decision comes after an agreement between Crypto.com, Trump Media, and SPAC company Yorkville Acquisition Corp. was abandoned on August 7.

The plan, which involved listing shares on Nasdaq under the ticker MCGA, was valued at $6.4 billion. It included allocating 6.3 billion CRO, 19% of the total coin supply, to the new company’s balance sheet.

According to a joint statement, work on the digital treasury structure has officially ended, and the parties have terminated their agreement for the exchange’s involvement in servicing part of Yorkville America’s developing ETFs.