Trump Media offloads 2,650 BTC amid $455 million losses, signaling financial strain after a $405.9 million Q1 net loss.
Trump Media & Technology Group (NASDAQ: $DJT) has transferred 2,650 Bitcoin, valued at $205 million, to Crypto.com, likely preparing to liquidate the assets. The move follows a $455 million loss on its cryptocurrency holdings, as BTC trades near $77,000, well below its average purchase price of $118,522.
The company, which operates Truth Social, holds 11,542 BTC, now worth significantly less than its initial investment. This sale follows the withdrawal of its spot Bitcoin ETF application and a first-quarter net loss of $405.9 million on just $871,200 in revenue.
Analysts suggest the ETF withdrawal was driven by financial pressures rather than regulatory concerns. $DJT stock has declined 68% over the past year, trading at $7.95 per share.