Crypto
Trump Media Dumps Crypto Partnership After Cronos Token Collapse
Trump Media & Technology Group's stock plummeted 9.4% on Monday after the company abandoned its cryptocurrency partnership with Crypto.com due to the sharp decline in Cronos token value.
The deal, which was set to create a publicly traded digital-asset treasury company called DAT, was scrapped after Cronos' price dropped from $0.20 to just $0.047.
Trump Media still owns significant cryptocurrency assets, including Bitcoin, but has taken substantial paper losses as the value of its digital holdings plummeted.
The company's market cap is over $2.8 billion despite losing more than $530 million in revenue over the past year and generating only $3.7 million in revenues during that time.