Trump Media Pulls Back from Crypto Expansion Plans
Trump Media & Technology Group (DJT) has reportedly scaled back its ambitious cryptocurrency expansion plans, which included a digital token treasury and native prediction market integration. According to reports, the company is mutually dissolving plans with Crypto.com for a dedicated CRO token treasury venture.
The Truth Social company will instead transition to marketing Crypto.com's products while expanding its high-margin API feed for algorithmic traders and AI models. Interim CEO Kevin McGurn told Axios that this strategic simplification aims to streamline operations as the firm prepares to close its proposed merger with nuclear fusion firm TAE before year-end.
As a result of this shift, DJT stock rose 3% on Friday following reports of the company's pivot away from cryptocurrency ventures. The parent company of Truth Social plans to refocus resources on its core social network, expand data licensing, and advance a pending merger with TAE.