Trump Media’s Bitcoin Treasury Down to Loan Collateral Amid Merge Talk
- Trump Media moved 2,628 bitcoins to Crypto.com and left out about 4,261 units in publicly tagged wallets.
- The remaining balance is almost identical to the 4,260.73 BTC the company disclosed as collateral for its convertible notes.
- Trump Media’s next SEC filing is expected to show whether the publicly tracked bitcoin holdings are now largely restricted as loan collateral.
Trump Media’s publicly tracked bitcoin holdings have shrunk to almost the exact amount the company pledged as loan collateral earlier this year.
Wallets linked to the Truth Social parent sent 2,628 BTC, worth about $165 million at the time, to Crypto.com in two transactions over the weekend. The moves were flagged by onchain analytics firm Lookonchain using Arkham wallet labels. The transfers left roughly 4,261 BTC in wallets publicly tagged to the company.
Remaining Balance Mirrors Disclosed Collateral
That remaining balance lines up closely with the 4,260.73 BTC Trump Media disclosed as collateral for its convertible notes in its first quarter filing with the Securities and Exchange Commission. Under the loan terms, that bitcoin cannot be withdrawn or sold until the notes mature, no later than May 29, 2028.
A company spokesperson told The Block the bitcoin was transferred, not sold. Trump Media gave the same explanation in May, when a similar 2,650 BTC transfer to Crypto.com raised the same question.
This isn’t a story about whether the wallets moved. It’s about whether the next filing confirms what they already suggest.
Trump Media originally bought 11,542 BTC for about $1.37 billion, an average of roughly $118,522 per coin. The company has since moved out 7,281 BTC in total, producing about $318 million in realized losses and another $237 million in unrealized losses on what remains.
The weekend transfers landed with bitcoin trading near $63,000 on Monday, well below the levels at which Trump Media built its position. The company has not said whether the collateral requirement fully accounts for its remaining onchain balance, and the tagged wallets may not capture every holding.
Crypto.com Relationship Extends Beyond Treasury Transfers
Trump Media’s ties to Crypto.com extend beyond these transfers. The two companies have worked together on crypto ETF filings and a planned shareholder rewards token, though Trump Media withdrew its Truth Social Bitcoin ETF application in May.
The next key test will come when Trump Media files its next quarterly report with the Securities and Exchange Commission. If the filing again lists roughly 4,261 BTC as restricted collateral, it would reinforce the view that the company’s publicly tracked bitcoin treasury has effectively been reduced to the amount securing its convertible notes, a significant shift for a firm that once presented bitcoin as a major strategic reserve asset.
For the market, confirmation that most remaining holdings are locked as collateral could reduce expectations of future treasury-driven bitcoin purchases or sales from Trump Media and sharpen investor focus on liquidity, financing obligations, and any undisclosed wallet balances that may still exist.
Tags: BTC, Trump Media
Source:
Trump Media: Trump Media & Technology Group Provides Update on Merger
Arkham: Trump Media
