The President Donald Trump-backed media company, Trump Media and Technology Group, is pulling back from two of its crypto deals, according to a report by Axios.
The publication reported Friday that the two deals with Crypto.com — a prediction market and treasury — would not go ahead.
Citing comments from fusion energy company TAE’s interim CEO, Kevin McGurn, the publication said that Trump Media had pulled the deals as the market for digital asset treasury companies had become saturated over the past year.
Trump Media last year said it was working with crypto exchange Crypto.com to build a Cronos treasury with $6.4 billion in backing. Cronos is the native coin of Crypto.com’s platform.
It later in 2025 said it was working with Crypto.com on Truth Predict, a betting platform to allow users to put money on sports games, elections and other events.
Digital asset treasuries exploded in popularity last year, with companies following in the footsteps of Nasdaq-listed software company Strategy to build balance sheets with Bitcoin and other cryptocurrencies.
But a slump in prices since October has hurt the stock of a number of companies who adopted the business idea.
McGurn was quoted saying that the decision to scale back was driven more by “competitive dynamics” rather than regulatory concerns surrounding a crypto company backed by the president.
President Trump campaigned on a ticket to help the crypto space and received backing from major players in the space.
The president since taking office has launched a meme coin and he and his family backed a crypto project, World Liberty Financial.
Axios added that the exchange-traded funds debuted last year by Trump Media, special purpose acquisition company Yorkville Acquisition Corp., and Crypto.com would continue.