Trump Media's Bitcoin Treasury Shrinks to 3.43 BTC After $165M Transfer

Trump Media's Bitcoin treasury has taken a surprising turn. According to blockchain data, a transfer of $165 million worth of BTC left the company with just 3.43 BTC. The movement was attributed to a sale by Lookonchain, but wallet labels and visible balances cannot prove trade execution or loss of control.

The total reported movements add up to 5,278 BTC, which is 3.43 BTC short of Trump Media's March balance outside of note collateral. This has sparked questions about the company's remaining liquid balance and the status of its separate hedge collateral.

Trump Media had reported holding 9,542.16 BTC as of March 31, including 4,260.73 BTC serving as note collateral. Subtracting those figures leaves 5,281.43 BTC. However, it is unclear whether this amount was liquid or encumbered.

The company's interim CEO, Kevin McGurn, had explained that treasury movements reflected account diversification for security and efforts to earn yield. However, he did not connect this explanation to specific coins or provide an updated Bitcoin count.