Trump Media’s Bitcoin Stack Matches Loan Collateral After $165M Transfer
What happened: On August 2, wallets linked to Trump Media & Technology Group moved 2,628 BTC (about $165 million) to Crypto.
What happened: On August 2, wallets linked to Trump Media & Technology Group moved 2,628 BTC (about $165 million) to Crypto.com. The remaining tracked holdings now stand at approximately 4,261 BTC, which matches the amount previously pledged as collateral for convertible notes in SEC filings. Since December, Trump Media has moved out 7,281 BTC at an average exit price of $74,855, realizing losses of roughly $318 million. The company claims the latest transfer was a custody move, not a sale, but on-chain data cannot confirm the intent.
Why it matters: The alignment of remaining BTC with loan collateral figures suggests Trump Media’s free-floating bitcoin stack may be effectively zero, raising questions about liquidity and financial flexibility. The company's pattern of selling at a loss and the lack of transparency around recent transfers leave open the possibility of further sales, which will be clarified in the next quarterly SEC filing.