CRO hit its lowest price since 2023, the deal is dead

So the whole "MCGA" thing (yes that ticker was literally short for make cro great again) just collapsed over the weekend. Cryptocom, DJT, and a company called Yorkville killed the plan to build a multi billion dollar CRO treasury company. It was supposed to be the first and largest publicly traded CRO treasury, marketed as a huge vote of confidence in the token.

They'd already switched the ticker from YORK to MCGA in anticipation, which, in hindsight, is a wild flex when the deal wasn't even locked in yet. Marszalek was on record saying this vehicle would become the world's largest CRO holder, that it would somehow exceed CRO's own market cap, and that they'd hold "forever." None of that happened. They scrapped it over the weekend citing "prevailing market conditions and shifting business and stakeholder priorities," which is corporate speak for it wasn't working.

CRO slid under $0.05 on the news, lowest since October 2023. Down something like 48% YTD and 70-71% over the past year, depending on which figure you use, 95% below the November 2021 peak. They also killed a second linked deal where Cryptocom was going to service ETFs for Yorkville.

Anyone else think these DAT/treasury plays are mostly just a mechanism to create artificial demand and prop up the token price without any organic use case behind them? Every time one of these falls apart, the underlying token just falls off a cliff because the whole thesis was "a company will buy and hold a bunch of this" rather than actual utility or adoption. I will link the source down in the comments.