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Key Takeaways
- Trump Media moved 2,628 BTC worth about $165M to Crypto.com without confirming a sale.
- The remaining roughly 4,261 BTC closely matches the amount pledged as collateral for its convertible notes.
- Future filings should clarify whether the transfers were custody moves or realized Bitcoin sales.
Wallets attributed to Trump Media transferred 2,628 BTC worth about $165 million to Crypto.com in two transactions Saturday, according to on-chain data. The remaining balance in those tagged addresses now closely matches the amount the company pledged as collateral against its convertible notes.
Tagged Wallets Retain 4,261 BTC, Matching Collateral Amount
The transfers left roughly 4,261 BTC in the tagged wallets, worth about $268 million with Bitcoin near $63,000. Trump Media’s first-quarter 10-Q listed 4,260.73 BTC pledged as collateral for its convertible notes as of March 31. The filing states:
“We are restricted from distributing or withdrawing this bitcoin subject to meeting certain loan indenture requirements, with restrictions lifted no later than maturity of the convertible notes on May 29, 2028.”
The company has not said the remaining balance is that collateral, and the tagged wallets may not capture everything it holds. The two figures simply round to the same number.
Company Says the Bitcoin Was Transferred, Not Sold
A Trump Media spokesperson said the Bitcoin was transferred but not sold, the same explanation the company gave for a similar transfer in May.
On-chain analytics firm Lookonchain characterized the move as a likely sale. The chain data establishes only that the coins moved to Crypto.com. Crypto.com is one of Trump Media’s two named custodians alongside Anchorage Digital, so a deposit there is what a custody move looks like. It also operates the exchange, which is what a sale looks like too.
Lookonchain Estimates $555 Million in Combined Losses
Trump Media bought 11,542 BTC for about $1.37 billion at an average of $118,522 a coin, near last year’s cycle peak. Linked wallets have since moved out 7,281 of them.
Lookonchain calculated those exits at an average price of $74,855, generating roughly $545 million and implying about $318 million in realized losses, with another $237 million in paper losses on coins still held.
The firm put the combined figure at approximately $555 million. Those calculations assume the exchange transfers became sales near observed market prices, and none are company-confirmed.
Earlier transfers followed the same pattern. The company moved 2,650 BTC worth about $205 million to Crypto.com in May and 2,000 BTC worth about $175 million in January.
Future Filings May Clarify Whether the Bitcoin Was Sold
Trump Media posted a $405.9 million net loss in the first quarter on $871,200 in revenue, with $368.7 million of that coming from markdowns on digital assets and equity holdings. Those include 756 million Cronos tokens acquired through the Crypto.com partnership that has now handled multiple transfers.
The second-quarter 10-Q may clarify earlier transfers, while Saturday’s transfer would most likely appear in a later filing unless disclosed as a subsequent event. A sale appears as a realized loss on the income statement.
A custody move would not create a realized sale, though it could still be disclosed in the notes if material. The accounting treatment should indicate whether the transfers were sold, remained custody movements, or only impacted fair-value disclosures.
