Trump Media & Technology Group, the parent company of the Truth Social platform, has recently executed a significant transfer of 2,650 Bitcoin, valued at approximately $205 million, to the cryptocurrency exchange Crypto.com. This move is widely interpreted as an indication of the company gearing up for a potential sale or modification of its digital asset holdings. The transaction was confirmed through on-chain data provided by blockchain analytics firm Lookonchain and occurred in the early morning hours of May 22, 2023.
The transfers took place in two separate transactions between roughly 1:22 a.m. and 2:22 a.m. GMT, originating from wallets associated with Trump Media, as identified by Arkham Intelligence. Despite the considerable movement of assets, the company has not issued any official comment regarding the purpose behind these actions.
Originally, Trump Media acquired a total of 11,542 Bitcoin at an estimated cost of $1.37 billion, which translates to an average purchasing price of about $118,522 per coin. At the time of this latest transfer, Bitcoin’s trading value was substantially lower, hovering between $77,000 and $77,300. As a result, the company is currently faced with unrealized losses estimated at around $455 million on its cryptocurrency investments. Following the latest transfer, Trump Media’s visible on-chain holdings are now estimated between 6,889 and 6,892 BTC, worth approximately $533 million at current market values.
This is not the first instance where Trump Media has moved Bitcoin off its balance sheet. In January, the company transferred 2,000 BTC valued at around $175 million, framed as a collateral movement when Bitcoin was trading closer to $87,378.
Additionally, the cryptocurrency transfer coincides with the recent withdrawal of Trump Media’s applications for both a spot Bitcoin ETF and a combined Bitcoin-Ethereum ETF from the U.S. Securities and Exchange Commission on May 20. The company’s fund sponsor, Yorkville America, cited a decision not to pursue the public offering “at this time,” with analysts suggesting that the decision was influenced more by fierce competition from established financial giants like BlackRock and Morgan Stanley rather than regulatory hurdles.
As the company’s financial metrics highlight significant challenges, Trump Media reported a staggering net loss of $405.9 million in the first quarter of 2026, with revenues peaking at just $871,200. This represents a dramatic increase in losses compared to a net loss of $31.7 million during the same period in the previous year. A majority of these losses—approximately $368.7 million—originated from non-cash unrealized losses associated with digital assets and equity securities.
Shares of Trump Media & Technology Group have faced a significant decline, dropping around 60% over the past year, with current trading prices ranging from $7.95 to $8.15. Founded in 2021 and based in Sarasota, Florida, the company has struggled to generate meaningful advertising revenue, despite its aggressive strategies focused on cryptocurrency as a cornerstone of its financial framework.
