Trump Media Dismisses Bitcoin Sale Rumors Amid $165M Transfer
Trump Media has denied selling its Bitcoin holdings after transferring $165 million worth of BTC to Crypto.com. The move sparked rumors that the company was dumping its coins, but Trump Media claims it simply moved them between approved custodians.
The transfer consisted of two separate transactions, with 2,628 BTC being moved to Crypto.com's wallets. This is not the first time Trump Media has made a large Bitcoin transfer; in May, it also transferred tokens to Crypto.com and Anchorage Digital.
The company invested $1.37 billion in buying 11,542 BTC last year at an average price of $118,522 per coin. Since then, it has sold 7,281 BTC, resulting in a total loss of $555 million.