Trump Media’s available bitcoin holdings appear to have nearly disappeared, with wallets linked to the Truth Social parent company now holding an amount roughly equal to the bitcoin it previously disclosed as collateral for its loans.
The company’s next quarterly filing will likely provide the clearest indication of whether recent transfers to Crypto.com were simply custody movements or actual bitcoin sales.
According to Arkham data, wallets associated with Trump Media transferred 2,628 BTC, valued at approximately $165 million, to Crypto.com through two transactions on Saturday.
Following those transfers, the tagged wallets contain about 4,261 BTC, worth roughly $268 million based on bitcoin trading near $63,000. Trump Media’s first-quarter filing showed that 4,260.73 BTC had been pledged as collateral for convertible notes as of March 31. Those coins were restricted from being distributed or withdrawn until the notes mature, no later than May 29, 2028.
The company has not confirmed that its remaining bitcoin balance represents the pledged collateral, and wallet tracking may not reflect its complete holdings. However, the two figures are now almost identical.
Trump Media did not respond to requests for comment regarding the transfers or the collateral arrangement outside regular U.S. business hours on Monday.
A similar transaction pattern was reported in May when Trump Media-linked wallets transferred 2,650 BTC worth around $205 million to Crypto.com while bitcoin was trading near $77,341. At the time, the company faced an estimated unrealized loss of about $455 million. Another transfer in January involved 2,000 BTC worth roughly $175 million when bitcoin was priced around $87,378.
Regardless of whether the latest movement was a sale or a custody transfer, the overall trend has remained unchanged since December.
Trump Media initially purchased 11,542 BTC for approximately $1.37 billion at an average price of $118,522 per bitcoin, close to the market peak of the previous cycle. Since then, wallets linked to the company have moved 7,281 BTC out of their holdings.
Blockchain analytics firm Lookonchain identified the transactions as sales, estimating that the bitcoin was sold at an average price of $74,855 per coin. Based on the original purchase price, the company has potentially realized around $318 million in losses on sold bitcoin, while the remaining holdings represent roughly $237 million in unrealized losses.
The decline in Trump Media’s bitcoin treasury has outpaced the growth of its underlying business. In the first quarter, the company reported a net loss of $405.9 million on revenue of just $871,200. Around $368.7 million of that loss came from markdowns on digital assets and equity investments, including 756 million Cronos tokens acquired through its partnership with Crypto.com, the same platform involved in two recent bitcoin transfers.
Crypto.com serves as one of Trump Media’s two disclosed custodians, alongside Anchorage Digital, meaning transfers to the platform could simply reflect a custody arrangement. However, because Crypto.com also operates an exchange, the same transaction pattern could indicate a sale. Blockchain data alone cannot determine which occurred.
The company’s second-quarter 10-Q filing is expected to clarify the situation. If the bitcoin was sold, the transaction would appear as a realized loss on the financial statements. If it was only moved for custody purposes, it would not appear as an accounting event. The activity since December will ultimately need to be classified as one or the other.
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