Donald Trump · Strategy · U.S. · The Block
Trump Media and Crypto.com end partnerships as firms shift priorities
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Trump Media, the parent company of Truth Social, and Crypto.com are ending two partnerships amid updated corporate strategies, according to a statement Friday.
Key facts
- The crypto exchange's native token dropped slightly amid news of the Trump Media partnerships ending, and was down about 4% as of 4:40 p.m
- Despite the pullback from its Crypto.com partnerships, Trump Media is still the 14th-largest public bitcoin treasury, holding over $600 million worth of BTC, according to BitcoinTreasuries
- Crypto wallets associated with Trump Media recently transferred 2,628 bitcoin to Crypto.com in two transactions on Saturday, per onchain data
- Trump Media Group CRO Strategy, Inc. was a proposed SPAC deal to create a new, publicly traded digital asset treasury company that accumulated CRO, Crypto.com's native token
Summary
Crypto.com said that the two companies had mutually decided to terminate their partnership to establish Trump Media Group CRO Strategy, Inc. because of "prevailing market conditions and shifting business and stakeholder priorities. Trump Media Group CRO Strategy, Inc. was a proposed SPAC deal to create a new, publicly traded digital asset treasury company that accumulated CRO, Crypto.com's native token. Crypto.com also said it will no longer service Yorkville’s plans to offer ETFs. "Yorkville America’s business and plans for its existing and future ETF offerings remain unchanged," according to Crypto.com's announcement.