Trump Media executed two transactions Saturday, moving 2,628 bitcoin to Crypto.com, according to Arkham data. The transfer represents approximately $165 million at current prices and sharply reduced the company's unencumbered Bitcoin holdings.
Wallets tagged to Trump Media now hold around 4,261 bitcoin — nearly identical to the 4,260.73 bitcoin the company reported under lien as collateral for its convertible notes in its first-quarter 10-Q filing as of March 31.
Trump Media said the $165 million transfer was not a sale. The first-quarter filing said the pledged bitcoin is restricted from distribution or withdrawal until the notes mature, no later than May 29, 2028.
Crypto.com is one of Trump Media's named custodians, alongside Anchorage Digital. A deposit there could represent a custody transfer — but because Crypto.com also operates an exchange, the on-chain movement alone does not confirm whether this was a sale or a simple custody shift.
Trump Media initially bought 11,542 bitcoin at an average price of $118,522 per coin, totaling approximately $1.37 billion.
Since December, wallets linked to Trump Media have moved out 7,281 bitcoin in total. Earlier transfers included 2,650 bitcoin — roughly $205 million — to Crypto.com in May, and 2,000 bitcoin, worth about $175 million, in January.
On-chain analytics firm Lookonchain estimates those outflows represent sales at an average price of $74,855 per coin, which would mark roughly $318 million in realized losses against the original cost basis.
In the first quarter, Trump Media reported a $405.9 million net loss on $871,200 in revenue. Digital asset and equity markdowns accounted for $368.7 million of that loss, including 756 million Cronos tokens acquired through its Crypto.com partnership.
Lookonchain estimates an additional $237 million in unrealized losses on the company's current Bitcoin holdings. Bitcoin trades at $62,552, down 1.4 percent over 24 hours.
The definitive answer on these recent transfers will come in Trump Media's second-quarter 10-Q filing. A sale would appear as a realized loss on the income statement; a custody transfer would not.
