Trump Media Transfers 2,650 BTC to Crypto.com as Unrealized Losses Near $455M
Trump Media & Technology Group (DJT), the parent of Truth Social, moved 2,650 bitcoin to Crypto.com during late U.S. trading hours, according to blockchain tracking data. With Bitcoin around $77,000, the transfer was valued at roughly $205 million, with some reports putting it closer to $204 million. Data cited from Arkham-linked sources said the coins were sent in two transactions at about 8 p.m. ET.
The company has not disclosed the reason for the transfer. Moves to centralized exchanges can reflect custody changes, liquidity needs, collateral activity, or potential sales, though no reporting confirmed that Trump Media sold the Bitcoin after the transfer.
The transaction follows an earlier shift of 2,000 BTC about four months ago, then worth about $175 million when Bitcoin traded near $87,378. Blockchain data also indicates smaller transfers to Crypto.com earlier this year. After the latest move, Arkham-linked estimates put Trump Media's remaining Bitcoin holdings at about $533 million, depending on market prices.
Trump Media built its position at significantly higher levels, purchasing 11,542 BTC for about $1.37 billion at an average cost of $118,522 per coin. With Bitcoin recently trading in the $76,000–$77,000 area, estimates place the company's unrealized loss near $455 million. The loss is not realized unless the company sells, but the mark-to-market drawdown has become a focal point as the firm continues transferring coins.
The crypto moves come after Trump Media withdrew its application for a spot Bitcoin ETF, after also pursuing filings tied to Bitcoin and Bitcoin-Ethereum investment products. Analysts cited in reports suggested the decision was driven more by economics than regulatory hurdles, as spot Bitcoin ETFs have become a highly competitive market dominated by large issuers competing on fees and liquidity.
Financial results add to the pressure. Trump Media reported a first-quarter net loss of $405.9 million on $871,200 in revenue, widening from a $31.7 million loss a year earlier. The company attributed much of the quarterly loss to non-cash items, including unrealized losses on digital assets, pledged digital assets, and equity securities.
DJT shares have also weakened. Recent data showed the stock near $8.02, down more than 39% year-to-date and about 70% below its 52-week high of $27.00, though it edged higher in Friday trading.
In the broader market, Bitcoin has been trading in a range after rebounding from February lows, with recent action roughly between $76,000 and $82,000. Analyst Michaël van de Poppe said Bitcoin needs to hold the $75,000–$76,000 zone as support, noting a CME gap near $79,200 that he expects could close in the coming week. A move higher could set up a test near $90,000, identified as a major resistance area near the 50-day moving average.
For Trump Media, the price band remains critical: a sustained move below $75,000 could deepen unrealized losses, while a rebound toward $90,000 would reduce part of the gap versus its average purchase price.
