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.
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Summary
- Trump Media has moved 2,628 bitcoin worth about $165 million to Crypto.com, leaving roughly 4,261 bitcoin in tagged wallets that now closely match the amount pledged as collateral for its convertible notes.
- The company bought 11,542 bitcoin near the top of the market for about $1.37 billion and has since moved out 7,281 coins, activity that onchain analysts estimate has produced about $318 million in realized losses and another $237 million in unrealized losses.
- Trump Media, which reported a $405.9 million net loss on just $871,200 in first-quarter revenue, has not clarified whether the latest transfers are sales or custody moves, a distinction that will only be clear in its second-quarter 10-Q.
