Trump Media Retreats from Crypto.com Deals, Unwinding Key Partnership
DJT sits 46% above its 52-week low of $6.96.
Summary
Trump Media is pulling back from two deals with Crypto.com, according to Axios. The move unwinds a partnership that included a significant Bitcoin transfer and a planned crypto ETF. Trump Media & Technology Group and Crypto.com, along with Yorkville Acquisition, have mutually terminated a proposed business combination to establish Trump Media Group CRO strategy. This follows the company's aggressive Bitcoin sales — it slashed holdings by 63% over seven months, most recently selling $165 million worth in early August. The retreat signals a sharp pivot away from crypto ventures amid a $405.9 million Q1 net loss and a stock trading near all-time lows. The merger with TAE Technologies remains on track for Q4, but this pullback raises questions about the company's strategic direction and cash needs.
At the time of this announcement, DJT was trading at $10.19 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $6.96 to $18.97. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.