Trump Media & Technology Group, Crypto.com and Yorkville Acquisition Corp. have terminated their plan to form a publicly listed treasury company centered on CRO, ending a proposed $6.42 billion structure that would have held nearly one-fifth of the token’s circulating supply.
The companies announced on Aug. 7 that they had mutually agreed to discontinue the transaction, which was first unveiled in August 2025 and had remained subject to U.S. Securities and Exchange Commission processes. The cancellation also removes several connected commercial initiatives, including a proposed Truth Social prediction-market product and a custody arrangement tied to an ETF initiative.
The planned company, Trump Media Group CRO Strategy, would have held roughly 6.313 billion CRO. At the time of the original announcement, that amount represented close to 20% of CRO’s circulating supply, giving a single public vehicle an unusually large position in the Crypto.com-linked token.
Its proposed capitalization included $1 billion in CRO, $200 million in cash, $220 million in warrants and a $5 billion equity credit facility. Yorkville, a special purpose acquisition company sponsor, was expected to help bring the entity to public markets through the transaction.
The deal’s end leaves Trump Media with a smaller, separate CRO exposure already recorded on its balance sheet. That August 2025 arrangement remains active: Trump Media purchased about $105 million in CRO, while Crypto.com acquired $50 million in DJT shares.
A year-long pending transaction ends
The CRO treasury vehicle never reached closing after spending about a year in a pending state. SEC filing and approval requirements remained a condition of the transaction, and the parties did not provide a detailed public explanation for ending the proposal beyond their joint decision.
The outcome illustrates the difficult path facing token treasury companies seeking public-market structures. These vehicles aim to give equity traders exposure to cryptocurrency holdings through a listed company, often combining token purchases with financing arrangements such as private investments, warrants or credit facilities.
Their appeal depends partly on whether a company’s shares can trade at a premium to the market value of its token reserves. That model has faced a tougher environment in recent months as many digital-asset treasury companies have moved below net asset value, meaning their equity is valued by markets at less than the underlying holdings.
Data published in early January 2026 showed that at least 37 of the world’s 100 largest digital-asset treasury companies were trading below net asset value. Strategy, formerly MicroStrategy and the most prominent corporate Bitcoin holder, was also reported to be trading at a discount and had sold Bitcoin to fund preferred-share dividends.
A discount can complicate the treasury model because issuing new shares may dilute existing holders without producing a corresponding increase in per-share crypto exposure. It also weakens the rationale for using a public company as the primary wrapper for a token reserve.
Truth predict plan narrowed
The termination reaches beyond the proposed CRO balance sheet. Truth Social had previously described a product called Truth Predict that would allow users to participate in markets related to political events, economic indicators and sports.
That proposal has now been reduced to a marketing arrangement under which Crypto.com would promote its existing prediction-market offering to Truth Social users. The parties also dropped plans for Crypto.com-related custody services connected to an ETF effort.
Prediction markets have become a closely watched segment of financial technology and crypto-adjacent trading, particularly around elections and major economic events. Their expansion has also drawn regulatory attention over whether particular contracts resemble event-based derivatives, gambling products or other regulated financial instruments.
The narrower Truth Social arrangement gives Crypto.com access to the platform’s user base without requiring the parties to launch the more integrated product initially described. It also reduces the number of moving parts in a commercial relationship already linked to a proposed public transaction that failed to close.
Political and regulatory scrutiny preceded the agreements
Crypto.com’s relationship with Trump-linked entities had already drawn attention before the August 2025 announcements. Crypto.com donated $1 million to Donald Trump’s inauguration and contributed $10 million to MAGA Inc., a pro-Trump super PAC, ahead of the 2024 election cycle.
Kris Marszalek, Crypto.com’s chief executive officer, also met Trump at Mar-a-Lago to discuss cryptocurrency policy. In March 2025, the SEC withdrew an investigation into Crypto.com after the company had previously received notice related to potential enforcement.
Senator Elizabeth Warren and other lawmakers called for scrutiny of the SEC’s decision, citing concerns about potential political influence. The Trump Media and Crypto.com commercial agreements were announced several months after the investigation was withdrawn.
The end of the CRO treasury proposal does not unwind the separate $105 million CRO purchase by Trump Media or Crypto.com’s $50 million DJT stock purchase. Those existing holdings leave both companies financially connected, though without the much larger public CRO vehicle that had been planned.
CRO and the treasury market face pressure
CRO traded around $0.0616 at the time referenced, down about 70% over the preceding year. The token’s decline occurred during a broader market pullback in which Bitcoin fell from a peak near $126,000 in October 2025 to about $65,000.
That price backdrop would have affected the proposed CRO strategy’s starting economics. A vehicle designed to accumulate billions of tokens can offer substantial exposure when the asset rises, but its share valuation and financing capacity can come under pressure when the underlying token declines.
Trump Media has also pursued a major non-crypto transaction. In December 2025, the company announced an all-stock merger with fusion company TAE Technologies, valued at more than $6 billion. The proposed structure would leave shareholders of each company with roughly half of the combined business, with closing targeted for mid-2026.
The TAE transaction remains separate from the discontinued CRO plan, but it gives Trump Media another large strategic project requiring shareholder approval, transaction execution and corporate attention. With the CRO vehicle withdrawn, the company’s remaining digital-asset exposure is now limited to its existing token holdings and commercial arrangements rather than a new publicly listed treasury company.
For more on how US politics and regulation shape crypto markets, explore our analysis in this detailed guide.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
