Trump Media Transfers $165M Bitcoin to Crypto.com Amid Regulatory Scrutiny
Trump Media & Technology Group, which has US President Donald Trump as its largest shareholder, transferred $165 million of Bitcoin to Crypto.com. The transfer occurred on August 2, with a total of 2,628 Bitcoin moved in two transactions that day. On-chain analytics platform Lookonchain flagged the move and suggested the Bitcoin may have been sold. However, blockchain data only confirms that the tokens were moved to an exchange, not whether an actual sale took place.
According to Trump Media, the Bitcoin was transferred to Crypto.com but not sold. This is consistent with their explanation in May when a similar transfer occurred. The company still holds about 4,261 Bitcoin, worth roughly $268 million at current prices. These tokens had been pledged as collateral for convertible notes as of March 31, and can only be withdrawn or disposed of if the terms of the loan agreement are met.
Trump Media has maintained a cooperative relationship with Crypto.com in areas such as crypto exchange-traded funds and the issuance of shareholder reward tokens. The company recently withdrew applications for two ETFs, including the Truth Social Bitcoin ETF and the Bitcoin and Ethereum ETF. Additionally, Trump Media launched a service offering its Truth API to high-paying users for up to $100,000 a month, which has raised concerns about insider-trading.