Trump Media recently shifted 2,628 bitcoin, valued at around $165 million, to Crypto.com. This move leaves about 4,261 bitcoin in wallets associated with the company, closely matching the amount pledged as collateral in its convertible notes. On-chain data from Arkham reveals this shift took place over two transactions on a Saturday.
Back in the first quarter, Trump Media declared 4,260.73 bitcoin under lien as security against convertible notes due by May 2028. Although the company hasn’t officially confirmed that the remaining coins represent this collateral, the numbers now align almost perfectly. This suggests the bitcoin remaining in those tagged wallets is likely locked up as loan security rather than freely available assets.
Unclear if Transfers Indicate Sales or Custody Changes
Trump Media has not disclosed whether these recent transfers to Crypto.com represent sales or merely custody adjustments. The distinction matters for understanding the company’s financial health, especially after reporting a first-quarter net loss of $405.9 million on revenue under $1 million. Analysts will turn to the upcoming second-quarter 10-Q filing for clarity on this front.
Since purchasing 11,542 bitcoin near the market peak for approximately $1.37 billion, Trump Media has moved out 7,281 coins. On-chain analysts estimate those transactions have generated roughly $318 million in realized losses and an additional $237 million in unrealized losses. This pattern of large-scale bitcoin transfers raises questions about the company’s strategy amid ongoing financial challenges.
Similar transfers occurred earlier this year, including a May move of 2,650 bitcoin worth about $205 million when the price hovered near $77,341. January saw another transfer involving 2,000 bitcoin valued at approximately $175 million. The consistency of these sizable movements points to a potential pattern of managing collateral or liquidity rather than straightforward sales.
This material is for informational purposes and not financial advice.
