TMTG Denies Sale Amid 2,628 Bitcoin Transfer

Trump Media & Technology Group (TMTG), a company in which U.S. President Donald Trump is a major shareholder, has moved 2,628 Bitcoin to Crypto.com. The transfer was worth around $165 million at prevailing prices.

Initial speculation suggested the move might be a sale, but TMTG quickly clarified that this was not the case.

The company's spokesperson stated that 'it is not a sale,' and did not provide further explanation for the transfer. This is not the first time TMTG has made a similar statement; in May, they moved Bitcoin worth 32 billion won to Crypto.com, also claiming it was not for sale purposes.

Some analysis suggests that the move might be for custody or internal asset reallocation purposes, as Crypto.com is TMTG's bitcoin custody partner and collaborator on a cryptocurrency ETF business.