Arkham data shows wallets attributed to Trump Media moved 2,628 bitcoin, worth about $165 million, to Crypto.com in two transactions over the weekend. The transfers leave approximately 4,261 BTC in tagged addresses, meaning the company’s discretionary Bitcoin balance appears largely exhausted while its remaining position closely matches previously disclosed loan collateral.
Trump Media reported that 4,260.73 BTC was pledged against convertible notes as of March 31 and restricted from distribution or withdrawal until the obligations mature. The near-identical balances make the latest movement significant, but an exchange transfer does not prove a sale because Crypto.com also serves as one of the company’s named custodians, leaving custody and liquidation as competing explanations.
The tagged wallets may not represent every asset controlled by Trump Media, and the company has not publicly clarified the transaction’s purpose. Its next quarterly filing should show whether the movement produced a realized loss or simply changed custody arrangements, making formal disclosure the decisive test of whether the company still holds Bitcoin beyond its encumbered position.
Source: Arkham.
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