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Trump Media’s bitcoin stash may be down to loan collateral after $165 million BTC move
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- DeepHorus
Trump Media moved another 2,628 bitcoin worth about $165 million to Crypto.com on Saturday, leaving its tagged wallets with roughly 4,261 bitcoin — nearly matching the amount pledged as collateral for its convertible notes. The transfers, tracked by Arkham data, suggest the company's discretionary bitcoin position may be effectively gone. The moves raise fresh questions about whether the Truth Social parent is selling its treasury or shifting custody.
The company bought 11,542 bitcoin in December for $1.37 billion, paying an average of $118,522 per coin near the top of last year's cycle. Since then, wallets linked to Trump Media have sent out 7,281 coins. Its first-quarter filing listed 4,260.73 bitcoin under lien as collateral as of March 31, restricted from withdrawal until the notes mature by May 29, 2028.
On-chain analytics firm Lookonchain estimates the transactions were sales at an average of $74,855 per coin. That implies about $318 million in realized losses and another $237 million in paper losses on coins still held. The company has not clarified whether the latest transfers were sales or custody moves.
The shrinking treasury contrasts sharply with the underlying business. Trump Media posted a $405.9 million net loss in the first quarter on just $871,200 in revenue, with $368.7 million tied to markdowns on digital assets and equity holdings. That includes millions of Cronos tokens acquired through a Crypto.com partnership.
Crypto.com is one of the company's two custodians alongside Anchorage Digital, so a deposit looks like a custody move. But Crypto.com also operates an exchange, meaning the same transaction could be a sale. The blockchain alone cannot distinguish between the two.
Answers may come in the second-quarter 10-Q. A sale would appear as a realized loss on the income statement, while a custody transfer would not. Until then, investors can only watch the wallets and speculate about the strategy behind the rapidly depleting bitcoin reserve.
