Trump Media says $165 million bitcoin transfer to Crypto.com wasn’t a sale

Crypto wallets associated with Trump Media and Technology Group, the company behind Truth Social, transferred 2,628 bitcoin (BTC) worth about $165 million to Crypto.com in two transactions on Saturday, per onchain data.Onchain analytics firm Lookonchain, which flagged the transfers in an X post, characterized the move as a likely sale. The onchain data establish only that the BTC was moved to Crypto.com, not that it was sold. Crypto.com is one of the two custodians the firm chose when establishing its bitcoin treasury strategy in May 2025, alongside Anchorage Digital.A Trump Media spokesperson told The Block shortly after publication that the BTC was transferred to Crypto.com but not sold, matching the firm's explanation for a similar transfer in May.The transfers reduced the balance in wallets publicly attributed to Trump Media to roughly 4,261 BTC, worth about $268 million with bitcoin trading near $63,000. That balance nearly matches the 4,260.73 BTC Trump Media said was serving as collateral for its convertible notes as of March 31, though the closeness of the figures does not establish that the remaining tagged balance consists of the pledged collateral or that the addresses represent all of Trump Media's current bitcoin holdings."We are restricted from distributing or withdrawing this bitcoin subject to meeting certain loan indenture requirements, with restrictions lifted no later than maturity of the convertible notes on May 29, 2028," Trump Media's 2026 first-quarter 10-Q filing states.Trump Media's broader relationship with Crypto.com also includes crypto ETF initiatives and a planned shareholder rewards token. The company withdrew applications for its Truth Social Bitcoin ETF and Bitcoin & Ethereum ETF in May. Citadel Securities recently invested $400 million in Crypto.com at a $20 billion valuation, The Block previously reported.Despite bitcoin's recent declines in price, the cumulative BTC holdings of publicly listed companies have generally continued to climb, according to The Block's data. Bitcoin briefly dipped below $63,000 before recovering to trade near $63,065 on Sunday morning, per The Block's Bitcoin Price page.The BTC transfers come as Trump Media rolls out access to its "Truth API," which provides early access to the feeds of high-profile users, including President Trump, for a fee of up to $100,000 per month. The offering has been criticized by some experts as potentially running afoul of insider trading laws. Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) argued the Truth API appears to be "an outrageous abuse of the President's office for his personal benefit" in a recent letter sent to the SEC.Trump Media shares closed Friday at $9.86, down 5.0% on the day, before slipping another 0.8% to $9.78 in after-hours trading, per Yahoo Finance data.Updated at 11:33 a.m. EDT with a statement from a Trump Media spokesperson.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.