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Key Takeaways
- Trump Media moved another 2,650 BTC worth roughly $205 million to Crypto.com, its second large transfer in four months.
- The company is sitting on estimated unrealized losses of $455 million with Bitcoin trading roughly 35% below its average entry price.
- The transfer follows a withdrawn Bitcoin ETF application and a $406 million Q1 loss driven largely by crypto markdowns.
Trump Media & Technology Group has moved another 2,650 Bitcoin worth approximately $205 million to Crypto.com, the second large transfer from the company’s treasury in the past four months. The deposit has not been confirmed as a sale, but it lands as the company sits on estimated unrealized losses of roughly $455 million across its remaining Bitcoin holdings, with the stock down 40% year to date.
On-Chain Data Shows Two Transfers to Crypto.com
Blockchain analytics firm Lookonchain flagged the transaction on Thursday. Arkham Intelligence data shows two outgoing transfers from a Trump Media-linked wallet to Crypto.com deposit addresses: one of roughly $34.75 million and a second of approximately 2,201 BTC worth about $170.18 million. Together, the two transfers total approximately 2,650 BTC at a combined value of around $205 million.
Trump Media originally purchased 11,542 BTC for approximately $1.37 billion at an average cost of $118,522 per coin. The company funded the purchases through $2.4 billion in capital raised via stock and convertible note placements in 2025.
A previous transfer of 2,000 BTC occurred four months ago when Bitcoin was trading near $87,378. After the latest transaction, the Trump Media-linked wallet holds approximately 6,889 BTC, worth roughly $533 million at current prices.
The Transfer Does Not Confirm a Sale
Deposits to exchange addresses are often read as a precursor to selling, but they can also reflect custody changes, collateral arrangements, or liquidity management. Trump Media has not issued a statement on the transfer or scheduled a call to address it.
CEO Devin Nunes has not committed the company to a “never sell” policy. He has framed the Bitcoin holdings as a balance-sheet diversification strategy rather than as permanent treasury reserves.
Trump Media Reported a $406 Million Q1 Loss Driven by Crypto Markdowns
The company reported a first-quarter net loss of $405.9 million on just $871,200 in revenue, widening sharply from a $31.7 million loss in the same period a year earlier. Digital asset markdowns accounted for $244 million of the quarterly loss as Bitcoin and Cronos (CRO) fell from their late-2025 peaks.
The headline loss was driven by mark-to-market accounting rather than cash outflows. Truth Social’s operating business generated positive operating cash flow of $17.9 million during the same quarter. DJT shares have fallen roughly 40% year to date and 67% over the past year.
The Transfer Follows ETF Withdrawal and Mounting Pressure
The latest move comes days after Trump Media withdrew its application for a spot Bitcoin ETF. Analysts said the decision appeared to be driven by deteriorating economics across the ETF sector rather than by regulatory concerns.
With Bitcoin trading near $77,000, roughly 35% below Trump Media’s average entry price, the company’s crypto strategy is under growing pressure. The remaining 6,889 BTC are worth approximately $533 million against an original cost basis of roughly $817 million for that portion, implying continued unrealized losses even after the two exchange transfers.
