Trump Media’s bitcoin stash may be down to loan collateral after $165 million BTC move

 Trump Media’s bitcoin stash may be down to loan collateral after $165 million BTC move

Wallets tied to the Truth Social parent now hold about as much bitcoin as the company previously pledged as note collateral, making its next 10-Q the key test of whether recent Crypto.com transfers were custody moves or sales.

Trump Media's discretionary bitcoin position is effectively gone.

Wallets attributed to the Truth Social parent moved 2,628 bitcoin, worth about $165 million, to Crypto.com in two transactions Saturday, per Arkham data.

That leaves roughly 4,261 bitcoin in the tagged addresses, about $268 million with bitcoin near $63,000. Trump Media's first-quarter filing put 4,260.73 bitcoin under lien as collateral for its convertible notes as of March 31, restricted from distribution or withdrawal until the notes mature on May 29, 2028 at the latest.

The company has not said the remaining balance is that collateral, and the tagged wallets may not capture everything it holds, but the two figures now round to the same number.

Trump Media did not return a request for comment on the transfers and the collateral outside of US business hours on Monday morning.

CoinDesk reported the same pattern in May, when the company moved 2,650 bitcoin worth about $205 million to Crypto.com with bitcoin near $77,341 and its unrealized loss standing at roughly $455 million. The transfer before that, in January, sent out 2,000 bitcoin worth about $175 million with the price near $87,378.

But whatever the label on Sunday's transaction, the direction has not changed since December.

Trump Media bought 11,542 bitcoin for about $1.37 billion at an average of $118,522 a coin, close to the top of last year's cycle. Wallets linked to the company have since moved out 7,281 of them.