Trump Media Abandons Crypto Treasury Plans Amid Market Downturn

Trump Media and Technology Group Corp. has abandoned its plans to launch a digital treasury company focused on Crypto.com's CRO token, as well as a prediction market integration with Truth Social.

The companies had announced an agreement last year to create the digital treasury company, which would have acquired billions of dollars worth of CRO.

Crypto.com CEO Kris Marszalek stated that after analyzing the proposed plans, 'moving forward under current market conditions doesn't make sense.'

The cancellation comes as the crypto market faces a challenging environment, with Bitcoin having fallen sharply from last year's highs and investor enthusiasm for publicly traded companies built around accumulating large holdings of cryptocurrencies cooling.