“No such file or directory” when executing a cross-compiled program on a Raspberry Pi
If ldd says it is not a dynamic executable, then it was compiled for the wrong target.
Obviously you did cross-compile it, as file says is a 32-bit ARM executable. However, there's more than one "ARM" architecture, so possibly your toolchain was configured incorrectly.
If you are using crosstool-NG, have a look at the .config for the value of CT_ARCH_ARCH. For the raspberry pi, it should be "armv6j"1 -- or at least, that's what's working for me. There are other specifics, but I think that should be enough. Unfortunately, if it's wrong, you now have to rebuild.
IMO getting a cross-compiler toolchain to work can be tedious and frustrating, but, presuming the host is not a significant factor (it shouldn't be), in this case it can be done. Crosstool-ng uses a TLI configurator, so if you end up having to try multiple builds, write down your choices each time so you know what worked.
1 I believe armv7 is a much more common arch (lots of phones and such), so if you are just using something you believe is a generic ARM cross-compiler, that's probably the issue. These numbers are confusing as, e.g., the pi's processor is an ARM11, but (as per that page), the ARM11 family of processors uses the ARMv6 architecture -- i.e. ARM11 is an implementation of ARMv6.