Trump Media & Technology Group (TMTG) has recently made a significant move in the cryptocurrency space, transferring 2,650 Bitcoin (BTC) valued at approximately $205 million to Crypto.com. This marks the second substantial outflow from TMTG’s Bitcoin wallets this year, as noted by analytics firm Lookonchain. However, it is important to mention that such transfers to exchanges do not necessarily confirm a sale of the cryptocurrency.
Following this latest transfer, TMTG’s overall Bitcoin holdings have dwindled, reflecting a troubling trend in the company’s investment in the leading digital currency. The firm initially acquired a total of 11,542 BTC at an average cost of $118,522 per coin, amounting to an investment of around $1.37 billion. Currently, Bitcoin’s market price hovers around $77,700, placing TMTG’s holdings roughly 34% below their original purchase price, resulting in an unrealized loss estimated at approximately $455 million.
The initial outflow from TMTG occurred four months ago when the company moved 2,000 BTC, which at that time was valued at about $175 million. This first transfer was executed at a price of $87,378 per coin, according to Lookonchain’s data. Following this transaction, TMTG’s treasury was reported to have dropped to 9,542 BTC, as disclosed in the company’s Q1 earnings report. With the recent transfer of 2,650 BTC, the company’s remaining stash is now approximately 6,889 BTC.
This reduction in Bitcoin holdings coincides with a reported net loss of $406 million for TMTG earlier this month, of which a significant portion—$368.7 million—resulted from unrealized losses on digital assets and equity securities. Furthermore, TMTG maintains a holding of 756 million Cronos (CRO) tokens, equating to around $2.64 million, as part of its broader treasury management strategy.
Looking ahead, the next on-chain settlement window will be crucial in determining whether this latest transfer results in another confirmed sale, potentially impacting TMTG’s financial position even further.
