Trump Media’s flexible bitcoin holdings may have effectively been reduced to zero after wallets connected to the Truth Social owner moved a large portion of their BTC balance to Crypto.com, leaving a remaining amount that closely matches the bitcoin previously pledged as loan collateral.
The company’s upcoming second-quarter 10-Q filing is expected to determine whether the recent transfers represented routine custody movements or actual bitcoin sales.
Data from Arkham shows that wallets attributed to Trump Media transferred 2,628 BTC, worth about $165 million, to Crypto.com in two transactions on Saturday.
After the transfers, the identified wallets held approximately 4,261 BTC, valued at around $268 million with bitcoin trading near $63,000. Trump Media’s first-quarter filing revealed that 4,260.73 BTC had been pledged as collateral for its convertible notes as of March 31. Those assets were restricted from being transferred or withdrawn until the notes mature, with the final maturity date set for May 29, 2028.
Trump Media has not confirmed that the remaining bitcoin represents the collateralized holdings, and wallet tracking may not account for every bitcoin owned by the company. However, the similarity between the two figures has raised questions among investors.
The company did not respond to requests for clarification about the transfers or its collateral position outside U.S. business hours on Monday.
The latest movement follows a similar transaction in May, when Trump Media-linked wallets transferred 2,650 BTC worth approximately $205 million to Crypto.com while bitcoin traded around $77,341. At that time, the company’s unrealized bitcoin losses were estimated at roughly $455 million. An earlier transfer in January moved another 2,000 BTC valued at about $175 million when bitcoin was near $87,378.
Regardless of whether the latest transfer was related to custody or selling activity, Trump Media’s bitcoin holdings have been declining steadily since December.
The company originally acquired 11,542 BTC for approximately $1.37 billion at an average purchase price of $118,522 per bitcoin, near the peak of last year’s market cycle. Since then, wallets linked to Trump Media have transferred out 7,281 BTC.
Blockchain analytics firm Lookonchain suggested the transactions represented sales, estimating the bitcoin was sold at an average price of $74,855 per coin. Based on those figures, Trump Media may have already realized around $318 million in losses on sold bitcoin, while its remaining holdings carry an estimated unrealized loss of about $237 million.
The company’s bitcoin treasury has contracted faster than its operating business has expanded. Trump Media reported a first-quarter net loss of $405.9 million on revenue of only $871,200, with approximately $368.7 million of the loss attributed to markdowns on digital assets and equity investments. Those holdings included 756 million Cronos tokens obtained through its Crypto.com partnership, the same platform that received the recent bitcoin transfers.
Crypto.com is one of Trump Media’s two disclosed digital asset custodians, along with Anchorage Digital. A transfer to Crypto.com could therefore represent a standard custody arrangement. However, because Crypto.com also operates a trading platform, the same transaction could also indicate a sale, and blockchain records alone cannot distinguish between the two.
The company’s second-quarter 10-Q report should provide the answer. A bitcoin sale would be reflected as a realized loss on the income statement, while a custody transfer would not create an accounting entry. Ultimately, the filing will reveal how Trump Media classified the bitcoin movements that have taken place since December.
