Trump Media's Bitcoin Stash Dwindles by Over $165 Million
Trump Media's Bitcoin stash is dwindling rapidly after moving 2,628 BTC, worth approximately $165 million, to Crypto.com in two transactions on Saturday. This leaves about $268 million remaining in tagged addresses, assuming a price of around $63,000 per coin.
This recent transfer echoes previous moves by the company, which has been shifting its Bitcoin holdings over the past few months. In January and May, Trump Media moved 2,000 and 2,650 BTC, respectively, worth about $175 million and $205 million at the time, to Crypto.com.
The company's first-quarter filing revealed that 4,260.73 BTC were under lien as collateral for its convertible notes, which will mature by May 29, 2028, at the latest. However, it is unclear whether the remaining balance in tagged wallets is indeed this collateral or part of a larger stash.
Trump Media's Bitcoin purchases last year have resulted in significant losses, with an average sale price of $74,855 per coin and an original cost basis of around $118,522 per coin. This translates to roughly $318 million in realized losses and another $237 million in unrealized losses on the remaining holdings.