Wallets tied to the Truth Social parent now hold about as much bitcoin as the company previously pledged as note collateral, making its next 10-Q the key test of whether recent Crypto.com transfers were custody moves or sales.
- Trump Media has moved 2,628 bitcoin worth about $165 million to Crypto.com, leaving roughly 4,261 bitcoin in tagged wallets that now closely match the amount pledged as collateral for its convertible notes.
- The company bought 11,542 bitcoin near the top of the market for about $1.37 billion and has since moved out 7,281 coins, activity that onchain analysts estimate has produced about $318 million in realized losses and another $237 million in unrealized losses.
- Trump Media, which reported a $405.9 million net loss on just $871,200 in first-quarter revenue, has not clarified whether the latest transfers are sales or custody moves, a distinction that will only be clear in its second-quarter 10-Q.
Trump Media's discretionary bitcoin position is effectively gone.
Wallets attributed to the Truth Social parent moved 2,628 bitcoin, worth about $165 million, to Crypto.com in two transactions Saturday, per Arkham data.
That leaves roughly 4,261 bitcoin in the tagged addresses, about $268 million with bitcoin near $63,000. Trump Media's first-quarter filing put 4,260.73 bitcoin under lien as collateral for its convertible notes as of March 31, restricted from distribution or withdrawal until the notes mature on May 29, 2028 at the latest.
The company has not said the remaining balance is that collateral, and the tagged wallets may not capture everything it holds, but the two figures now round to the same number.
Trump Media did not return a request for comment on the transfers and the collateral outside of US business hours on Monday morning.
CoinDesk reported the same pattern in May, when the company moved 2,650 bitcoin worth about $205 million to Crypto.com with bitcoin near $77,341 and its unrealized loss standing at roughly $455 million. The transfer before that, in January, sent out 2,000 bitcoin worth about $175 million with the price near $87,378.
But whatever the label on Sunday's transaction, the direction has not changed since December.
Trump Media bought 11,542 bitcoin for about $1.37 billion at an average of $118,522 a coin, close to the top of last year's cycle. Wallets linked to the company have since moved out 7,281 of them.
On-chain analytics firm Lookonchain said the transactions were sales at an average of $74,855 per coin. Compared with what was originally paid, that means about $318 million in losses already locked in from coins that were sold, and another $237 million in paper losses on the coins still held.
And the treasury has been shrinking faster than the business it sits on. Trump Media posted a $405.9 million net loss in the first quarter on $871,200 in revenue, with $368.7 million of that coming from markdowns on digital assets and equity holdings, including 756 million Cronos tokens acquired through the Crypto.com partnership that has now handled two of these transfers.
Crypto.com is one of the company's two named custodians alongside Anchorage Digital, so a deposit there is what a custody move would look like. It also runs the exchange, so it is exactly what a sale would look like too, and the chain will not separate them.
The answer will be in the second-quarter 10-Q. A sale shows up as a realized loss on the income statement, while a custody move shows up nowhere. Whatever the wallets have been doing since December has to appear in one column or the other.
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