Trump Media’s transfer of $344 million in Bitcoin to Crypto.com has fueled speculation about a possible asset sale as the company faces a looming $1 billion convertible-note repayment deadline.
Trump-linked crypto ventures faced additional pressure after Trump Media transferred 4,259 BTC, worth approximately $344 million, from wallets containing its convertible-note collateral to a Crypto.com-associated address. The move came a day after the TRUMP memecoin plunged to a fresh all-time low.
Blockchain tracking platform Lookonchain reported the transaction at 03:00 UTC. Onchain data indicates that the Bitcoin was moved through two transfers of 2,140.04 BTC and 2,119.31 BTC, which were confirmed in block 974,613 at 02:17 UTC.
The transaction occurred during a turbulent period for Trump-related assets. Following the Democrats’ victories in Tuesday’s U.S. midterm elections, TRUMP, World Liberty Financial’s WLFI and Trump Media shares declined, while Bitcoin managed to recover above $80,000.
The central question among traders is whether Trump-affiliated businesses are selling their Bitcoin reserves. Blockchain records offer some insight, but they do not conclusively confirm a liquidation.
Is Trump Media Selling Its Bitcoin?
The transfer volume provides a significant clue. Trump Media’s second-quarter 10-Q filing revealed that 4,260.73 BTC were used as collateral for its convertible notes. Restrictions on these holdings are scheduled to be removed “no later than” May 29, 2028. Thursday’s transfers totaled 4,259.35 BTC, leaving both originating wallets empty.
The receiving address has a history of transactions involving Trump Media. The Crypto.com-linked deposit address, 34jvUbzJ…yMy, previously received 2,649.9 BTC from the company’s wallets on May 22 and 2,628.3 BTC on August 1. Following both transfers, the Bitcoin was consolidated into a large wallet holding approximately 17,330 BTC from various users.
Once funds enter a pooled exchange wallet, blockchain data cannot establish whether they were sold, used for lending or kept in custody. Trump Media has not commented on the latest transfer, although its timing has become a major focus for market observers.
A registration statement submitted on November 2 disclosed that holders of Trump Media’s $1 billion convertible notes could require the company to repurchase the securities in cash on November 30, 2026. The filing stated that the company “could be required to pay up to approximately $1.0 billion”.
The document also outlines potential funding options, including the possibility of “sell our bitcoin or other digital asset holdings to fund such repurchases.” At a Bitcoin price of roughly $80,600, the 4,259 BTC transferred recently account for approximately one-third of the potential repayment obligation.
Trump Media’s Bitcoin reserves had already experienced a decline. The company held 9,477.16 BTC on June 30, compared with 9,542.16 BTC at the end of 2025. During the first half of the year, its digital asset holdings also generated a reported loss of $360.6 million.
Is Another Trump-Linked Crypto Company Selling Bitcoin?
American Bitcoin, the mining company co-founded by Eric Trump, appears to be following an accumulation strategy rather than reducing its holdings. According to its November 4 report, the company’s Bitcoin reserve reached approximately 8,427 BTC at the end of September, increasing from 8,002 BTC in June.
The miner produced around 891 BTC during the third quarter but retained approximately 425 BTC. It explained that it “sold a portion of Bitcoin production to cover operating costs.” The transactions indicate that the company is selling some mined coins to fund operations rather than exiting its Bitcoin treasury position.
How Are Trump’s Crypto Ventures Performing?
Most Trump-associated publicly traded and tradable crypto assets are approaching their lowest price levels, while USD1 continues to maintain its stability.
Token prices are based on Binance data recorded at 09:00 UTC on Thursday. CoinGecko provides the peak prices and USD1 circulation figures, while stock prices reflect Wednesday’s Nasdaq closing session.
The TRUMP memecoin has recorded the most significant decline. The token dropped from $1.396 to an all-time low of $1.219 within an hour on Wednesday, between 17:00 UTC and 18:00 UTC. It now trades approximately 98.3% below its January 2025 peak of $73.43.
Trump Media shares ended Wednesday’s trading session at $4.49, just above their 52-week low of $4.46. The company is also pursuing an all-stock merger with fusion energy firm TAE Technologies, which requires shareholder approval at a special meeting scheduled for December 14.
American Bitcoin’s financial results have been stronger than its stock performance. The company reported approximately $126 million in third-quarter net income, primarily driven by a $197 million gain on its Bitcoin holdings. However, its shares have declined 26% over the past month.
USD1 remains the only relatively stable asset among Trump’s crypto ventures. The stablecoin continues to trade at its $1 peg, supported by a circulating supply of approximately $3.70 billion.
TRUMP Price Analysis: Where Could the Token Find Support?
TRUMP 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. Wednesday’s $1.219 low is the token’s lowest recorded price, meaning there are no historical trading levels below it to establish a potential support zone.
A recovery in TRUMP would likely depend on renewed investor demand for Trump-branded crypto assets following the midterm election results.
For now, traders are closely monitoring blockchain movements for further clues. If Trump Media continues transferring Bitcoin to the same Crypto.com-linked address before the November 30 repayment deadline, concerns over potential liquidations could intensify, keeping sentiment around Trump’s crypto ventures under pressure.
