Trump Media Moves $205 Million of Bitcoin to Crypto.com
Summary
- Trump Media & Technology Group transferred 2,650 Bitcoin, equal to about 28% of its total holdings, to Crypto.com.
- A transfer to an exchange wallet is often interpreted as a sign of a potential large sale, though it may also have been for asset custody, collateral arrangements or internal rebalancing.
- Trump Media posted a $405.9 million net loss in the first quarter, with unrealized valuation losses tied to declines in Bitcoin and Cronos (CRO) accounting for most of it.
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Trump Media & Technology Group transferred about $205 million of Bitcoin to Crypto.com, according to on-chain data, fueling speculation that the company could be preparing a large sale.
Arkham Intelligence data show a wallet linked to Trump Media sent 2,650 Bitcoin to Crypto.com on May 22. The tokens were worth about $205 million at the time of the transfer.
Trump Media disclosed at the end of March that it held 9,542.16 Bitcoin. The transferred amount equals about 28% of that total. After the transaction, the Bitcoin balance in Trump Media-linked wallets identifiable on-chain fell to about 6,890.
Transfers of crypto assets to exchange wallets are often viewed as a sign that a sale may follow. A wallet transfer alone, however, does not confirm that any sale took place. Crypto.com is Trump Media's Bitcoin custody partner and a collaborator in its crypto exchange-traded fund business. The transfer may also have been for asset custody, collateral arrangements or internal rebalancing.
Trump Media posted a net loss of $405.9 million in the first quarter. Unrealized valuation losses stemming from declines in Bitcoin and Cronos prices accounted for most of that. As of the end of March, the acquisition cost of the company's Bitcoin holdings was $1.13 billion, while their fair value had fallen to $647.1 million.
