Trump Media Moves $205 Million in Bitcoin to Crypto.com as Losses Mount
Trump Media has transferred roughly 2,650 bitcoin to wallets associated with Crypto.com, a move worth about $205 million as BTC traded near $77,700, according to blockchain trackers.
Lookonchain said the coins came from wallets linked to Trump Media, the Truth Social parent that is majority owned by the Donald J. Trump Revocable Trust. Arkham data indicated the funds were still sitting in exchange-linked wallets at the time of reporting.
The transfer adds to a series of exchange deposits that market participants often watch for potential liquidation risk, even though moving funds onto an exchange does not confirm a sale.
Holdings continue to shrink
Earlier this year, Trump Media moved about 2,000 BTC when bitcoin was near $87,378, an estimated value of roughly $175 million at the time. Company filings previously indicated it held about 9,542 BTC after that transaction.
Following the latest 2,650 BTC transfer flagged by Lookonchain, on-chain balances suggest remaining holdings are now about 6,889 BTC, down from the company's originally disclosed position.
Trump Media has previously reported accumulating 11,542 BTC at an average purchase price of $118,522 per coin, spending close to $1.37 billion to build its bitcoin treasury. With bitcoin now far below that cost basis, the value of the remaining holdings sits under the firm's entry price.
Filings also referenced holdings of about 756 million Cronos tokens tied to Trump Media's partnership with Crypto.com.
Unrealized markdowns drive losses
In its latest financial disclosure, Trump Media reported a Q1 2026 net loss of $405.9 million. The company attributed about $368.7 million of that loss to unrealized discounts related to digital assets, pledged crypto assets and equity securities.
The same filing listed a bitcoin cost basis of roughly $1.13 billion, while the fair market value of those holdings had fallen to nearly $647 million by the end of March.
Market impact seen as limited
While the transfers drew attention, the reported $205 million movement is small compared with bitcoin's global market activity, where daily spot and derivatives volumes run into the billions of dollars. Analysts note that market impact depends on what happens after deposits reach an exchange, with direct sales and over-the-counter transactions carrying different implications.
Separately, on-chain supply metrics cited in the reports indicated long-term holders remain active, with estimates suggesting more than 70% of bitcoin's circulating supply has not moved for over one year.
