Trump Media Sells or Transfers Out Most of Its Bitcoin Holdings

Trump Media, the parent company of Truth Social, has moved 2,628 Bitcoin worth approximately $165 million to Crypto.com. This leaves around 4,261 Bitcoin in tagged wallets, which is nearly identical to the amount pledged as collateral for its convertible notes.

The company purchased 11,542 Bitcoin near the top of the market for roughly $1.37 billion and has since sold or transferred out 7,281 coins. Onchain analysts estimate that these transactions have resulted in around $318 million in realized losses and another $237 million in unrealized losses.

Trump Media's net loss in the first quarter was a staggering $405.9 million on just $871,200 in revenue. The company reported that $368.7 million of this loss came from markdowns on digital assets and equity holdings, including 756 million Cronos tokens acquired through its partnership with Crypto.com.

The exact nature of the latest transfers, whether they are sales or custody moves, remains unclear. However, Trump Media's second-quarter 10-Q filing will provide more insight into the company's financial situation.