Trump Media's Bitcoin Holdings May Be Limited to Loan Collateral After $165 Million Transfer

Markets Trump Media's Bitcoin Holdings May Be Limited to Loan Collateral After $165 Million Transfer

Following a $165 million transfer of Bitcoin, wallets associated with Trump Media now reflect a balance similar to the amount previously pledged as collateral for convertible notes, setting the stage for an important disclosure in its upcoming 10-Q.

By Shaurya Malwa Aug 3, 2026, 5:52 a.m. 2 min readMake preferred on

Trump Media has transferred 2,628 Bitcoin, valued at approximately $165 million, to Crypto.com, reducing its tagged wallets to about 4,261 Bitcoin, which aligns closely with the collateral previously reported for its convertible notes.

• The company originally purchased 11,542 Bitcoin for around $1.37 billion, but has since moved 7,281 Bitcoin, resulting in an estimated realized loss of about $318 million and an additional $237 million in unrealized losses.
• Despite reporting a net loss of $405.9 million against revenues of just $871,200 in the first quarter, Trump Media has not clarified whether the recent Bitcoin transfers were sales or custodial moves, a distinction that will be revealed in its second-quarter 10-Q.

Trump Media's Bitcoin holdings appear to have dwindled significantly.

On Saturday, the Truth Social parent company moved 2,628 Bitcoin to Crypto.com in two transactions, as indicated by data from Arkham.

This transfer leaves about 4,261 Bitcoin in the tagged wallets, valued at approximately $268 million, based on Bitcoin trading at around $63,000. As per the company's first-quarter filing, 4,260.73 Bitcoin was listed as collateral for convertible notes as of March 31, restricted from withdrawal until maturity on May 29, 2028.

While the company has not confirmed if the remaining Bitcoin is indeed collateral, the figures now align closely.

Trump Media did not respond to inquiries regarding the transfers and collateral outside of US business hours on Monday morning.

CoinDesk reported a similar trend in May, when 2,650 Bitcoin, valued at about $205 million, was moved to Crypto.com, coinciding with Bitcoin prices around $77,341 and unrealized losses estimated at $455 million. Previously, in January, 2,000 Bitcoin worth about $175 million were transferred at a price close to $87,378.

Regardless of the classification of the latest transfer, the trend has remained consistent since December.

Trump Media acquired 11,542 Bitcoin for about $1.37 billion at an average price of $118,522 per coin, near the peak of last year's market cycle. Since then, 7,281 of those coins have been moved.

According to onchain analytics firm Lookonchain, these transactions, averaging $74,855 per coin, indicate approximately $318 million in realized losses and an additional $237 million in unrealized losses on the remaining Bitcoin.

Moreover, the company's treasury has been declining at a faster rate than its underlying business. Trump Media reported a net loss of $405.9 million in the first quarter on revenues of only $871,200, with $368.7 million attributed to markdowns on digital assets and equity holdings, including 756 million Cronos tokens obtained through its partnership with Crypto.com, which has facilitated two of these transfers.

Crypto.com serves as one of the two designated custodians for the company, along with Anchorage Digital, making a deposit there indicative of a custodial move. However, as Crypto.com also operates as an exchange, it could also represent a sale, complicating the distinction.

The clarity on the nature of these transfers will emerge in the forthcoming 10-Q report. A sale would be reflected as a realized loss on the income statement, whereas a custodial move would not appear in financial records. The activities of the wallets since December must ultimately be categorized in one way or another.