Wallets attributed to Trump Media and Technology Group sent 2,628 bitcoin worth roughly $165 million to Crypto.com in two transactions on Saturday, according to Arkham onchain data. That leaves about 4,261 BTC, worth close to $268 million with bitcoin trading near $63,000, in the addresses analytics firms have publicly linked to the Truth Social parent. The company reported 4,260.73 BTC pledged as collateral for its convertible notes as of March 31. The two numbers now round to the same figure, which means the discretionary portion of one of the largest corporate bitcoin treasuries has effectively run out.
Publicly tagged wallets are blockchain addresses that analytics firms have matched to a company through past transaction patterns, not addresses the company itself has published or confirmed.
Key takeaways
- Trump Media wallets moved 2,628 BTC worth about $165 million to Crypto.com on Saturday, the third transfer of its kind since January.
- Roughly 4,261 BTC remain in tagged addresses, almost exactly the 4,260.73 BTC pledged against convertible notes maturing May 29, 2028.
- The company bought 11,542 BTC for about $1.37 billion at an average of $118,522 a coin and has since moved out 7,281 of them.
- Lookonchain estimates the outflows priced as sales at an average of $74,855 a coin, implying roughly $318 million in realized losses.
Published: August 4, 2026, 09:00 UTC
A pattern that started in December
Saturday’s transfer is the third in a sequence, and each one has landed at a lower bitcoin price than the last. In January, wallets tied to the company sent out 2,000 BTC worth about $175 million with bitcoin near $87,378. In May, another 2,650 BTC worth roughly $205 million went to Crypto.com with bitcoin around $77,341. Saturday’s 2,628 BTC went out at roughly $63,000.
A Trump Media spokesperson told The Block the bitcoin was transferred but not sold, the same explanation the company gave for the May transfer. Onchain analytics firm Lookonchain characterized the movement as a likely sale. Neither claim can be settled from the blockchain alone.
The reason is that Crypto.com plays two roles here. It is one of two custodians Trump Media named when it set up its bitcoin treasury in May 2025, alongside Anchorage Digital, so a deposit there looks exactly like a routine custody move. It also runs a spot exchange, so a deposit there looks exactly like the first step of a sale. The chain records the transfer and nothing else.
What the remaining balance can and cannot do
The 4,261 BTC still sitting in tagged wallets is not spendable in the ordinary sense if it is the pledged collateral. Trump Media’s first-quarter 10-Q filing states the company is “restricted from distributing or withdrawing this bitcoin subject to meeting certain loan indenture requirements, with restrictions lifted no later than maturity of the convertible notes on May 29, 2028.”
That matters for how the position should be read. A treasury of 4,261 BTC is a headline number. A pledged treasury of 4,261 BTC is a financing input the company cannot touch for almost two years without satisfying its lenders. The company has not confirmed that the remaining tagged balance is the collateral, and the tagged addresses may not capture everything it holds.
The financial pressure behind the transfers is documented. Trump Media posted a $405.9 million net loss in the first quarter on $871,200 in revenue, with $368.7 million of that coming from markdowns on digital asset and equity holdings, including 756 million Cronos tokens acquired through the same Crypto.com partnership that has now processed two of the three transfers. Shares of DJT closed Friday at $9.86, down 5.0% on the day.
The 10-Q is the only thing that settles it
The distinction between a custody move and a sale is invisible onchain but unavoidable in accounting. A sale produces a realized loss on the income statement. A custody transfer produces nothing at all. Trump Media’s second-quarter 10-Q will place every one of those 7,281 departed coins in one column or the other.
For the wider corporate bitcoin trade, the sequence is a reminder that treasury holdings pledged against debt behave differently from holdings bought outright. Strategy sold 1,638 bitcoin last week to fund its STRC dividend, and Zhibao handed over board control to fund a 2,380 bitcoin purchase. Companies that bought near the 2025 peak are now discovering how much of their stack is genuinely theirs to sell. Trump Media’s answer appears to be very little.
Frequently asked questions
Did Trump Media sell its bitcoin?
The company says the 2,628 BTC was transferred to Crypto.com, not sold. Onchain data confirms only the transfer. Because Crypto.com serves as both custodian and exchange, the blockchain cannot distinguish the two. The second-quarter 10-Q filing will show whether a realized loss was booked.
Why does pledged bitcoin matter for a corporate treasury?
Pledged bitcoin secures a loan and cannot be sold or moved until the lender’s conditions are met. Trump Media’s restrictions lift no later than May 29, 2028, when its convertible notes mature. Until then, that portion of the treasury cannot be used for buybacks, operations, or opportunistic sales.
How much has Trump Media lost on bitcoin?
The company bought 11,542 BTC for about $1.37 billion at an average of $118,522 a coin. Lookonchain estimates the 7,281 coins that have left its wallets priced at an average of $74,855, implying roughly $318 million in realized losses, with about $237 million unrealized on the remainder.
