Trump Media’s $344 million Bitcoin transfer to Crypto.com has sparked fresh speculation over a potential sale, coming just weeks ahead of a $1 billion convertible-note repayment deadline.
Trump-linked crypto ventures faced renewed selling pressure after Trump Media transferred 4,259 BTC, worth approximately $344 million, from wallets holding its convertible-note collateral to an address associated with Crypto.com. The transaction occurred one day after the TRUMP memecoin reached its lowest price on record.
Blockchain analytics platform Lookonchain flagged the movement at 03:00 UTC. Onchain data shows two separate transfers of 2,140.04 BTC and 2,119.31 BTC, which were confirmed in block 974,613 at 02:17 UTC.
The transfer comes during a difficult period for Trump-affiliated assets. Following the Democrats’ gains in Tuesday’s U.S. midterm elections, the TRUMP token, World Liberty Financial’s WLFI and Trump Media shares all declined, despite Bitcoin recovering above $80,000.
Market participants are now questioning whether Trump-linked companies are liquidating their Bitcoin holdings. Blockchain data provides some clues, although it does not confirm a sale.
Is Trump Media Selling Its Bitcoin?
The transfer amount offers an important indication. Trump Media’s second-quarter 10-Q filing disclosed that 4,260.73 BTC were pledged as collateral for its convertible notes, with restrictions scheduled to expire “no later than” May 29, 2028. Thursday’s two transactions totaled 4,259.35 BTC, leaving both originating wallets empty.
The receiving address is also familiar. The same Crypto.com-linked deposit address, 34jvUbzJ…yMy, previously received 2,649.9 BTC from Trump Media wallets on May 22 and another 2,628.3 BTC on August 1. In both cases, the funds were subsequently consolidated into a large wallet containing approximately 17,330 BTC belonging to multiple users.
Once Bitcoin enters a pooled exchange wallet, blockchain records cannot determine whether the assets were sold, loaned out or retained in custody. Trump Media has yet to issue a statement regarding Thursday’s transfer. However, its timing has attracted considerable attention from traders.
A registration statement submitted on November 2 revealed that holders of Trump Media’s $1 billion convertible notes could require the company to repurchase them in cash on November 30, 2026. The filing warned that the company “could be required to pay up to approximately $1.0 billion”.
The document also outlines several potential funding sources, including the option to “sell our bitcoin or other digital asset holdings to fund such repurchases.” At a Bitcoin price of approximately $80,600, the recently transferred 4,259 BTC are valued at nearly one-third of the potential repayment obligation.
Trump Media’s Bitcoin reserves had already declined. The company held 9,477.16 BTC as of June 30, compared with 9,542.16 BTC at the end of 2025. It also recorded a $360.6 million loss on its digital asset holdings during the first half of the year.
Is Anyone Else in the Trump Crypto Camp Selling?
American Bitcoin, the mining company co-founded by Eric Trump, appears to be accumulating Bitcoin instead of reducing its treasury. In a November 4 report, the company disclosed that its reserve increased to approximately 8,427 BTC at the end of September, up from 8,002 BTC in June.
The company mined around 891 BTC during the quarter but retained only approximately 425 BTC, explaining that it “sold a portion of Bitcoin production to cover operating costs.” This suggests routine operational sales rather than a broader treasury liquidation.
How Are Trump Crypto Ventures Performing?
Nearly every publicly traded or tradable Trump-associated crypto venture is hovering near its lowest levels, with the stablecoin USD1 standing out as the only exception.
Token prices are based on Binance data at 09:00 UTC on Thursday, while peak prices and USD1 supply figures come from CoinGecko. Stock prices reflect Wednesday’s Nasdaq closing session.
The TRUMP memecoin has suffered the steepest decline. Its price dropped from $1.396 to a record low of $1.219 within an hour, between 17:00 UTC and 18:00 UTC on Wednesday. The token is now trading 98.3% below its January 2025 peak of $73.43.
Trump Media shares finished Wednesday’s session at $4.49, narrowly above their 52-week low of $4.46. Alongside the upcoming convertible-note deadline, the company is 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 financial performance presents a more positive picture than its share price. The company reported approximately $126 million in third-quarter net income, primarily driven by a $197 million unrealized gain on its Bitcoin holdings. Despite the earnings, its stock has fallen 26% over the past month.
USD1 remains the most stable Trump-linked crypto asset, maintaining its $1 peg with approximately $3.70 billion in circulation.
TRUMP Price Analysis: Is There a Floor?
The TRUMP token was trading around $1.26 on Thursday morning, significantly below its 20-day exponential moving average (EMA) of $1.63 and its 50-day EMA of $1.78. The token has no previous trading history below Wednesday’s record low of $1.219.
A potential recovery would require renewed buying interest from investors willing to bet on Trump-branded crypto assets following the election results.
For now, onchain activity may provide the clearest signal to monitor. If additional Bitcoin transfers from Trump Media wallets arrive at the same Crypto.com-linked address before November 30, market sentiment surrounding Trump’s crypto ventures could remain under pressure.
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