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Trump Media moves $165M in bitcoin to Crypto.com, collateral focus
The transfer leaves about 4,261 bitcoin in tagged wallets, roughly matching the 4,260.73 bitcoin previously pledged as collateral for convertible notes.
CoinDesk reports that wallets linked to Trump Media, the parent of Truth Social, moved 2,628 bitcoin worth about $165 million to Crypto.com in two transactions on Saturday.
The on-chain data points to a shift in how much bitcoin remains in tagged addresses, leaving roughly 4,261 bitcoin, a figure CoinDesk says now closely matches the 4,260.73 bitcoin Trump Media disclosed as lien collateral for its convertible notes as of March 31.
Trump Media bought 11,542 bitcoin for about $1.37 billion near the top of the market, then moved out 7,281 coins since. CoinDesk cites on-chain analysts who estimate this activity has produced about $318 million in realized losses and another $237 million in unrealized losses.
The company has not clarified whether the latest Crypto.com transfers were sales or custody moves, and CoinDesk says the distinction should become clear in its next 10-Q. Trump Media reported a $405.9 million net loss on $871,200 in first-quarter revenue, and its discretionary bitcoin position is effectively gone as a result of the transfers.
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