Trump Media’s discretionary bitcoin holdings may have been fully depleted after wallets linked to the Truth Social parent company transferred another large batch of BTC to Crypto.com, leaving a balance nearly identical to the amount previously reported as collateral for its convertible notes.
The company’s upcoming second-quarter financial filing is expected to reveal whether the recent Crypto.com transfers were simply part of a custody arrangement or represented bitcoin sales.
According to Arkham data, wallets associated with Trump Media moved 2,628 BTC, worth roughly $165 million, to Crypto.com through two transactions on Saturday.
Following those transfers, the tracked wallets held about 4,261 BTC, valued at approximately $268 million with bitcoin trading around $63,000. Trump Media reported in its first-quarter filing 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 Those coins were restricted from being distributed or withdrawn until the notes mature, with the latest possible maturity date set for May 29, 2028.
Trump Media has not confirmed that its remaining bitcoin balance represents the collateralized holdings, and blockchain wallet tracking may not reflect the company’s full bitcoin reserves. Still, the nearly identical figures have raised questions about whether the company’s freely available BTC position has effectively been eliminated.
The company did not respond to requests for comment regarding the transfers or its collateral arrangements outside U.S. business hours on Monday.
The latest transfer follows a similar move in May, when Trump Media-related wallets sent 2,650 BTC worth about $205 million to Crypto.com while bitcoin traded near $77,341. At the time, the company’s unrealized losses on its bitcoin holdings were estimated at around $455 million. Another transfer in January moved 2,000 BTC valued at approximately $175 million when bitcoin was trading near $87,378.
Regardless of whether the latest movement was related to custody or liquidation, the company’s bitcoin holdings have continued to decline since December.
Trump Media initially purchased 11,542 BTC for around $1.37 billion at an average cost of $118,522 per bitcoin, close to the top of the previous market cycle. Since then, wallets tied to the company have transferred out 7,281 BTC.
Blockchain analytics firm Lookonchain identified the transactions as likely sales, estimating an average selling price of $74,855 per bitcoin. If accurate, the company has locked in approximately $318 million in losses on the BTC it sold, while the remaining bitcoin holdings represent an estimated paper loss of about $237 million.
The company’s shrinking bitcoin treasury has declined at a faster pace than its underlying business performance. Trump Media reported a first-quarter net loss of $405.9 million on revenue of just $871,200, with $368.7 million of that loss tied to declines in digital assets and equity investments. Those holdings included 756 million Cronos tokens acquired through the company’s Crypto.com partnership, which has now processed two major bitcoin transfers.
Crypto.com serves as one of Trump Media’s two listed crypto custodians, alongside Anchorage Digital. A transfer to Crypto.com could indicate a routine custody movement, but because the platform also operates an exchange, the same activity could represent a sale. On-chain data alone cannot determine the purpose of the transfer.
The company’s second-quarter 10-Q filing should provide greater clarity. If the bitcoin was sold, the transaction would appear as a realized loss in financial statements. If the move was only a custody transfer, it would not create a direct accounting impact. The filing will ultimately determine how the company accounted for its bitcoin movements since December.
