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Trump Media Bitcoin transfers raise questions about its unencumbered BTC
The company reported 9,542.16 BTC as of March 31, with 4,260.73 BTC pledged as note collateral, leaving 5,281.43 BTC that was not labeled as liquid or unencumbered.
Trump Media’s Bitcoin holdings came under fresh scrutiny after the company moved 2,628 BTC on Aug. 2, adding to earlier transfers that blockchain watchers said nearly total the amount of BTC that is not identified as convertible note collateral in the company’s March 31 filing, according to CryptoSlate.
In that filing, Trump Media reported 9,542.16 BTC as of March 31, including 4,260.73 BTC serving as note collateral. Separating those figures leaves an arithmetic difference of 5,281.43 BTC, though the company did not describe that remainder as liquid or unencumbered.
CryptoSlate said about 2,650 BTC moved from Trump Media-linked wallets on May 22 in two deposits to a Crypto.com-linked address, and a separate Aug. 2 blockchain attribution by Lookonchain suggested another 2,628 BTC sale tied to about $165.07 million. The two reported movement figures total 5,278 BTC, leaving a 3.43 BTC difference versus the March remainder under CryptoSlate’s reconciliation assumptions.
The article cautioned that public wallet attributions do not, by themselves, prove a sale or show whether coins remain under the company’s control, and that analytics cluster labels are not a corporate custody record. It also noted that Trump Media previously said Crypto.com and Anchorage Digital would provide custody for its Bitcoin treasury, while an interim CEO comment in May suggested treasury movements generally reflected account diversification.
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