Trump Media moves 2,650 BTC to Crypto.com; Q1 net loss widens to $405.9M
ChainCatcher, citing BBX data, said corporate Bitcoin treasuries are facing mounting pressure as sustained net outflows from U.S. spot Bitcoin ETFs weigh on sentiment across crypto-linked equities.
Trump Media & Technology Group, Corp. (NASDAQ: $DJT) transferred 2,650 BTC—worth about $205 million—to a Crypto.com exchange address on May 22. The company described the move as a "transfer, not a sale," tied to an expanded trading strategy, though the ultimate disposition of the funds has not been confirmed as of publication. On-chain data shows the coins arrived at the Crypto.com address. Roughly four months earlier, the company moved 2,000 BTC (about $175 million) to Crypto.com.
According to its Q1 2026 report cited by CoinDesk and released May 9, Trump Media held 9,542.16 BTC as of March 31, with a stated fair value of $6.471 billion and an acquisition cost of about $1.13 billion. Following the latest 2,650 BTC transfer, Arkham's on-chain estimate puts remaining holdings at roughly 6,889 BTC (about $532 million).
The same filing reported a net loss of $405.9 million, versus a $31.7 million loss a year earlier, on revenue of $871,200. The company previously acquired 11,542 BTC at an average price of about $118,522, for a total cost near $1.37 billion; current holdings are still well below cost basis. During the quarter, it also withdrew Truth Social's ETF applications tied to Bitcoin, Ethereum and Solana.
U.S. spot Bitcoin ETFs saw net outflows of more than $2.26 billion in the two weeks through May 23, snapping a seven-week run of net inflows. Over the same window, Bitcoin fell from around $82,500 on May 6 to $74,305 on May 23—about a 10% drop and its lowest level since April 20. BlackRock, Inc. (NYSE: $BLK)'s iShares Bitcoin Trust (NASDAQ: $IBIT) holdings declined from a peak near 812,000 BTC to about 800,000 BTC, still representing roughly 62% of total U.S. spot Bitcoin ETF assets.
CoinDesk analysts said the withdrawals reflect broader deleveraging amid higher U.S. Treasury yields—10-year yields briefly hit 5.01%—and geopolitical stress, rather than a deterioration in long-term confidence in Bitcoin.
