(Bloomberg) -- A year after agreeing to form a digital treasury company to buy billions of dollars of the Crypto.com digital token known as CRO, Trump Media & Technology Group Corp. ended the deal Friday. The two companies also dropped a plan that would've made prediction market contracts available on the Truth Social network.

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The withdrawal marks a step back by the Trump-controlled conglomerate from the crypto space after Bitcoin prices fell by nearly half to around $65,000 since their peak last year and enthusiasm for token-hoarding stock vehicles faded.

Crypto.com and Trump Media also canceled a plan to have Crypto.com service certain exchange-traded fund offerings.

"After analyzing these proposed ETFs and DAT from every angle, we've reached the same conclusion: moving forward under current market conditions doesn't make sense," Kris Marszalek, CEO of Crypto.com, said in an emailed statement. "We will continue to pursue other ETF opportunities. As for the CRO committed to the DAT, we'll find a better way to allocate these resources in order to drive revenue, increase demand and grow the value of the ecosystem."

Trump Media announced in December it will merge with TAE Technologies Inc., a closely held fusion developer founded in 1998, in a transaction valued at more than $6 billion. Shareholders of each company will own about 50% of the combined business after the all-stock deal is completed, Trump Media said in a statement.

While that deal initially contemplated the spinoff of assets including Truth Social, the companies said in June they were no longer pursuing that transaction. Last month, the company announced a plan to sell real-time access to Truth Social posts from the social media platform's "highest-ranking" accounts.

Crypto.com recently announced that Citadel Securities LLC invested $400 million into the exchange at valuation of about $20 billion.

Trump Media didn't immediately return a request for comment.

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