Trump Media moved $205 million worth of bitcoin without selling it, even as its crypto bets face growing losses.

Trump Media & Technology Group is facing growing scrutiny over its bitcoin strategy as losses mount and financial performance deteriorates.

The company recently moved 2,650 BTC—valued at roughly $205 million at current prices—to Crypto.com, according to on-chain data from Lookonchain. The transfer, which occurred late in U.S. trading hours, marks another sizable shift in its crypto holdings.

Although transfers to centralized exchanges are often interpreted as a signal of potential selling, the company denied that interpretation. A spokesperson told CoinDesk the move was part of a broader trading strategy and that no bitcoin had been sold.

Trump Media initially accumulated 11,542 BTC at a total cost of about $1.37 billion, implying an average purchase price of $118,522 per coin. This latest transaction follows a similar move four months ago, when the firm transferred 2,000 BTC—then worth around $175 million—while bitcoin traded near $87,000.

With bitcoin currently trading near $77,000, the company is estimated to be sitting on roughly $455 million in unrealized losses, highlighting the strain on its crypto positioning.

The transfer comes shortly after Trump Media withdrew its filing for a spot bitcoin ETF, raising fresh doubts about its broader ambitions in the digital asset space. Analysts suggested the decision likely reflects weakening economics in the ETF market rather than regulatory obstacles.

Meanwhile, the company’s financial results have also worsened. In May, Trump Media reported a first-quarter net loss of $405.9 million on just $871,200 in revenue, a sharp increase from the $31.7 million loss reported in the same period a year earlier.

Update (May 22, 20:14 UTC): Includes company statement confirming the bitcoin transfer was not a sale.