Bitcoin’s stash gets a stress test: Trump Media locks 15,649 $BTC as $1B deadline looms 💰

Trump Media & Technology Group disclosed that it acquired 4,359 Bitcoin ($BTC) last quarter, while its net third-quarter additions were reported at 1,510 $BTC worth approximately $112 million. The company held 15,649 $BTC as of September 30, alongside 756 million CRO tokens and seven million BlackRock IBIT shares. The disclosure came 10 days after President Donald Trump described digital money as “a little bit dangerous.”

The Bitcoin purchases preceded Trump’s October 30 remarks, which came a day after hackers took about $6.3 billion from crypto exchange Binance. “You know, the old-fashioned way when you used to sign a check… These are different. People never see the money anymore. So I’ve always felt it was a little bit dangerous,” he said. On Monday’s earnings call, Chief Financial Officer Phillip Juhan said sales of BlackRock’s iShares Bitcoin Trust, a fund tracking the coin, paid for the acquisitions.

Most of Trump Media’s Bitcoin was tied up as of September 30, with only about 3 of the 15,649 coins not posted as collateral. The quarterly report showed 11,385.20 Bitcoin pledged to an options program, a hedging arrangement whose partner can lend the coins onward, while 4,260.73 Bitcoin backed the company’s 0% convertible notes. Those coins remain locked until loan conditions are met or May 2028. Last week, a 4,259 BTC transfer to Crypto.com nearly matched the options pledge, and the filing warned that some partners may sell pledged Bitcoin without notice if margin calls are missed.

Holders of the $1 billion notes can demand full repayment in cash on November 30. General Counsel Scott Glabe said the total would not be known until month-end, while cash and short-term investments stood at about $393 million on September 30. Interim CEO Kevin McGurn said the company would use cash and credit rather than issue new shares: “We want to preserve as much of our Bitcoin as possible to continue our yielding strategy and allow that asset to recover.” The filing warned that refinancing might not be available on acceptable terms. A $409.7 million Q3 profit valued the Bitcoin at September 30.

Bitcoin traded near $73,405, about 12% below its September 30 level of roughly $83,500. Analyst Ali Martinez highlighted a chart pattern resembling Bitcoin’s 2023 recovery, with $BTC retesting a moving average near $74,780. In the comparison, Bitcoin bounced back to the $24,000 level from around $16,000 in 2023, found support near $19,000, surged above $30,000 and reached $27,800. The source chart also described similar price action in 2026. Noteholders’ answer, due within three weeks, will determine whether the Bitcoin pile survives its first cash test.