Trump Media keeps handing Crypto.com the BTC, its stack is basically the IOU now

Wallets tied to Trump Media & Technology Group transferred 2,628 $BTC, worth about $165 million, to Crypto.com over the weekend, according to on-chain data from Arkham cited by Lookonchain. The transfers, broken into 2,429 $BTC and 198.9 $BTC, leave the Truth Social parent's tagged addresses holding roughly 4,261 $BTC, valued at about $269.8 million at publishing time. Trump Media began building its Bitcoin position after purchasing 11,542 $BTC at an average price of $118,522, and has now moved out 7,281 $BTC over the past seven months. Lookonchain calculated an average selling price of $74,855 per $BTC across the prior transfers, putting realized proceeds at roughly $545 million. Separately, on-chain analysts cited by CoinDesk estimated roughly $318 million in realized losses and another $237 million in unrealized losses on the original position, with a separate estimate placing total realized and unrealized losses at about $555 million.

The remaining 4,261 $BTC now closely tracks the 4,260.73 $BTC that Trump Media disclosed in its first-quarter filing as collateral for its convertible notes, restricted from distribution or withdrawal until the notes mature on May 29, 2028 at the latest. The company has not confirmed whether the tagged wallet balance corresponds to that collateral, and the on-chain tags may not capture all of its holdings. Trump Media did not return a request for comment on the transfers and the collateral ahead of publication.

Earlier movements from Trump Media-linked wallets included a combined 2,650 $BTC worth about $205 million sent to Crypto.com on May 22 when $BTC traded near $77,341, and a 2,000 $BTC transfer worth about $175 million in January when $BTC traded near $87,378. The company reported a $405.9 million net loss on $871,200 in first-quarter revenue, and has not clarified whether its recent transfers represent sales or custody moves, a distinction expected to be addressed in its second-quarter 10-Q.

The sales coincide with ongoing debate in Washington over the Digital Asset Market Clarity (CLARITY) Act, which has drawn scrutiny over ethics rules, digital asset ownership and potential conflicts of interest involving public officials. Critics have pointed to Trump-linked crypto ventures including the Official Trump (TRUMP) and Melania (MELANIA) memecoins, World Liberty Financial's WLFI governance token and USD1 stablecoin, in discussions over the overlap between political influence and private crypto interests.