Trump Media’s remaining bitcoin holdings now align with the $268 million pledged as collateral for convertible notes, raising questions about sales or custody.
Trump Media transferred 2,628 bitcoin, worth $165 million, to Crypto.com, reducing its tagged wallets to roughly 4,261 bitcoin. This matches the 4,260.73 bitcoin pledged as collateral for convertible notes as of March 31, effectively eliminating its discretionary holdings.
The company initially purchased 11,542 bitcoin for $1.37 billion near market highs. Since then, it has moved out 7,281 coins, incurring an estimated $318 million in realized losses and $237 million in unrealized losses. First-quarter results showed a $405.9 million net loss on $871,200 in revenue.
Trump Media has not disclosed whether the transfers are sales or custody moves. Clarity is expected in its second-quarter 10-Q filing, which will determine the financial impact of the transactions.