Trump Media Transfers $165M in BTC, Claims Custody Move
Trump Media & Technology Group has made another significant move in its Bitcoin holdings, transferring $165 million worth of BTC to Crypto.com.
The transfer, which was flagged by on-chain trackers over the weekend, is the latest in a series of transactions that have seen the company's publicly tagged wallets holding around 4,261 BTC. This amount closely aligns with the 4,260.73 BTC reported as collateral for the firm's convertible notes.
In response to questions about the move, a company spokesperson stated that the Bitcoin was transferred to Crypto.com for custody purposes and not sold. Similar claims were made after an identical transfer in May, when Trump Media explained that it had moved its BTC to one of its named custodians for safekeeping.
However, on-chain data paints a more complex picture. Over the past seven months, Trump Media has moved out roughly 7,281 BTC from its original accumulation of around 11,542 BTC at an average price north of $118,000.