BlockBeats News, August 8th, according to Axios, the Trump Media & Technology Group (TMTG) is scaling back its cryptocurrency business operations, exiting two previous cryptocurrency-related deals with Crypto.com and Yorkville Acquisition Corp.

TMTG Interim CEO Kevin McGurn stated that the company aims to refocus on its media business and a potential merger plan with the fusion energy company TAE, believing that the digital asset treasury company market has become saturated over the past year.

In particular, TMTG, Crypto.com, and Yorkville have jointly announced the termination of the Trump Media Group CRO Strategy plan. The decision was made based on "current market environment changes and adjustments to business and stakeholder priorities." At the same time, both parties have also abandoned the previously announced service cooperation agreement and some digital asset product plans.

Previously, the project planned to create a publicly traded company around Crypto.com's Cronos blockchain and CRO token, aiming to generate revenue through a large-scale CRO token reserve and become the "first and largest publicly traded CRO treasury company."

Furthermore, TMTG and Crypto.com have also scaled back the plan to directly integrate the prediction market into the Truth Social platform, opting instead to promote Crypto.com's prediction market product to Truth Social users through marketing partnerships.

McGurn stated that the company believes TMTG is better suited as a data and traffic distribution platform rather than operating underlying financial products. Currently, the number of business customers for Truth Social's data API services has increased to about 10, with key clients including high-frequency trading firms using social media data to inform their algorithms. The company also plans to explore licensing data to large AI model developers and prediction market platforms in the future.