Crypto wallets linked to Trump Media & Technology Group (TMTG), the parent company of Truth Social, transferred 2,628 bitcoin valued at about $165 million to Crypto.com in two separate transactions on Saturday, according to on-chain data.
The transactions were first identified by blockchain analytics firm Lookonchain, which suggested the transfers could indicate a sale. However, blockchain records only confirm that the bitcoin was moved to Crypto.com and do not establish that it was sold.
Responding to the development, a spokesperson for Trump Media clarified that the cryptocurrency was transferred but not sold, echoing the company’s explanation after a similar transaction in May.
Following the transfers, wallets publicly associated with Trump Media held about 4,261 bitcoin, valued at approximately $268 million based on bitcoin trading around $63,000.
That figure is close to the 4,260.73 bitcoin the company disclosed in its March 31 financial filing as collateral for its convertible notes. However, the similarity does not confirm that the remaining holdings are the pledged collateral or represent the company’s total bitcoin reserves.
In its first-quarter 2026 filing, Trump Media said: “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 partnership with Crypto.com extends beyond bitcoin custody. The company has also collaborated with the exchange on cryptocurrency exchange-traded fund (ETF) initiatives and a planned shareholder rewards token.
Although the company withdrew applications for its Truth Social Bitcoin ETF and Bitcoin & Ethereum ETF in May, Crypto.com recently secured a $400 million investment from Citadel Securities at a reported valuation of $20 billion.
Despite recent price declines, bitcoin holdings among publicly traded companies have continued to grow. The cryptocurrency briefly slipped below $63,000 before recovering to trade near that level on Sunday.
The transfers come as Trump Media expands access to its paid “Truth API,” a platform offering early access to the feeds of high-profile users, including President Donald Trump, for fees of up to $100,000 per month.
The service has drawn criticism from some experts and lawmakers, with Senators Elizabeth Warren and Adam Schiff arguing that the Truth API appears to be “an outrageous abuse of the President’s office for his personal benefit” in a letter sent to the US Securities and Exchange Commission (SEC).
Trump Media shares closed Friday at $9.86, down five per cent for the day, before slipping further to $9.78 in after-hours trading.
