Trump Media’s $344 million Bitcoin transfer to Crypto.com has raised questions about a potential liquidation as the company approaches a $1 billion convertible-note repayment deadline.
Trump-affiliated crypto assets came under renewed scrutiny after Trump Media moved 4,259 BTC, valued at roughly $344 million, from wallets associated with its convertible-note collateral to a Crypto.com-linked address. The transaction occurred just one day after the TRUMP memecoin recorded a new all-time low.
Blockchain analytics firm Lookonchain identified the transfer at 03:00 UTC. Onchain records show that the movement involved two transactions of 2,140.04 BTC and 2,119.31 BTC, both confirmed in block 974,613 at 02:17 UTC.
The transfer coincided with a difficult week for Trump-related financial assets. Following the Democrats’ gains in Tuesday’s U.S. midterm elections, TRUMP, World Liberty Financial’s WLFI and Trump Media shares experienced declines, even as Bitcoin recovered above $80,000.
Investors are now trying to determine whether Trump-linked businesses are selling their Bitcoin reserves. Although blockchain data provides some evidence, it does not establish that a sale has taken place.
Is Trump Media Selling Its Bitcoin?
The size of the transfer is particularly significant. Trump Media’s second-quarter 10-Q filing stated that 4,260.73 BTC were pledged as collateral for its convertible notes, with the restrictions expected to be lifted “no later than” May 29, 2028. Thursday’s transactions totaled 4,259.35 BTC, leaving the two source wallets with no remaining Bitcoin.
The destination address has also been used in previous transactions. A Crypto.com-linked deposit address, 34jvUbzJ…yMy, received 2,649.9 BTC from Trump Media wallets on May 22 and another 2,628.3 BTC on August 1. On both occasions, the Bitcoin was consolidated into a large wallet holding approximately 17,330 BTC from multiple users.
Transfers into a shared exchange wallet make it difficult to determine the subsequent use of the funds. The Bitcoin could have been sold, lent or held in custody. Trump Media has not publicly explained Thursday’s transaction, leaving its timing as a major point of interest for market participants.
A registration statement filed on November 2 disclosed that investors holding Trump Media’s $1 billion convertible notes could demand a cash repurchase on November 30, 2026. The company acknowledged that it “could be required to pay up to approximately $1.0 billion”.
The filing also identified several possible funding strategies, including the option to “sell our bitcoin or other digital asset holdings to fund such repurchases.” With Bitcoin trading near $80,600, the 4,259 BTC transferred to Crypto.com represent approximately one-third of the potential repayment amount.
Trump Media’s Bitcoin holdings were already declining before the latest movement. The company reported 9,477.16 BTC on June 30, compared with 9,542.16 BTC at the end of 2025. Its digital asset portfolio also generated a $360.6 million loss during the first half of the year.
Is Another Trump-Linked Crypto Business Selling Bitcoin?
American Bitcoin, the mining firm co-founded by Eric Trump, is taking a different approach by expanding its Bitcoin reserves. In its November 4 update, the company reported holding approximately 8,427 BTC at the end of September, compared with 8,002 BTC in June.
American Bitcoin mined roughly 891 BTC during the third quarter but retained only around 425 BTC. The company explained that it “sold a portion of Bitcoin production to cover operating costs.” These transactions appear to reflect routine business expenses rather than a broader treasury liquidation.
How Are Trump’s Crypto Ventures Performing?
Most publicly traded and tradable Trump-associated crypto assets are trading close to their lowest levels, while the USD1 stablecoin remains relatively resilient.
Token price data is based on Binance figures recorded at 09:00 UTC on Thursday. Peak valuations and USD1 circulation data are sourced from CoinGecko, while stock prices reflect Wednesday’s Nasdaq closing prices.
The TRUMP memecoin has experienced the sharpest downturn. Its price plunged from $1.396 to a record low of $1.219 within a single hour on Wednesday, between 17:00 UTC and 18:00 UTC. The token is now down approximately 98.3% from its January 2025 peak of $73.43.
Trump Media shares closed Wednesday at $4.49, slightly above their 52-week low of $4.46. The company is also facing a major corporate decision, seeking shareholder approval for an all-stock merger with fusion energy firm TAE Technologies. A special shareholder meeting is scheduled for December 14.
American Bitcoin’s earnings have been stronger than its market performance. The company posted approximately $126 million in third-quarter net income, largely supported by a $197 million gain on its Bitcoin holdings. Nevertheless, its shares have declined 26% over the past month.
USD1 remains the strongest performer among Trump-linked crypto ventures, trading at its $1 peg with a circulating supply of approximately $3.70 billion.
TRUMP Price Analysis: Can the Token Find Support?
TRUMP was trading near $1.26 on Thursday morning, well below its 20-day EMA of $1.63 and 50-day EMA of $1.78. Wednesday’s $1.219 low represents the token’s lowest recorded price, leaving no earlier trading levels beneath it to provide historical support.
A meaningful recovery would likely require renewed demand from investors willing to accumulate Trump-branded crypto assets following the election outcome.
For now, blockchain activity remains a key indicator for traders. Additional Bitcoin transfers from Trump Media wallets to the same Crypto.com-linked address ahead of the November 30 repayment deadline could intensify concerns over potential asset sales and keep sentiment surrounding Trump’s crypto ventures under pressure.
