Trump Media-linked wallets transfer $165 million in bitcoin to Crypto.com

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Trump Media bitcoin transfer

Highlights

Trump Media-linked wallets transferred 2,628 BTC (worth about $165 million) to Crypto.com, suggesting a possible sale according to Lookonchain.
After the transactions, publicly attributed Trump Media wallets hold approximately 4,261 BTC ($268 million) with bitcoin trading near $63,000.
Trump Media's Q1 2026 10-Q states it cannot distribute or withdraw 4,260.73 BTC collateral except under convertible note indenture requirements, lifted by May 29, 2028.

Bitcoin transfer and custody context

As reported by The Block, onchain data shows wallets associated with Trump Media and Technology Group sending 2,628 BTC to Crypto.com, and blockchain analytics firm Lookonchain says in an X post that the move is a likely sale. The blockchain record confirms only that the bitcoin reaches Crypto.com, not that the assets are sold there.

Crypto.com is one of the two custodians Trump Media chose when it set up its bitcoin treasury strategy in May 2025, alongside Anchorage Digital. The latest transfers leave publicly attributed wallets with about 4,261 BTC, valued at roughly $268 million with bitcoin trading near $63,000.

The remaining wallet balance is close to the 4,260.73 BTC that Trump Media says is serving as collateral for its convertible notes as of March 31. Still, that similarity does not prove the tagged wallets contain only pledged collateral, or that the tracked addresses represent the company’s full current bitcoin holdings.

Treasury restrictions and market implications

Trump Media says in its 2026 first-quarter 10-Q filing that it is restricted from distributing or withdrawing the 4,260.73 bitcoin unless it meets certain loan indenture requirements. Those restrictions are lifted no later than the maturity of the convertible notes on May 29, 2028.

The company does not immediately respond to an inquiry on the nature of the latest transfers or whether any bitcoin is sold. In May, after Trump Media-linked wallets transferred 2,650 BTC, then worth about $205 million, to Crypto.com, a company spokesperson tells CoinDesk that the bitcoin is transferred but not sold, and that the move is part of a broader trading strategy.

That earlier explanation leaves open the possibility that the latest transfer also fits treasury management rather than outright disposal. For crypto markets and investors tracking public-company bitcoin holdings, the episode highlights how wallet movements to an exchange-linked custodian can signal operational repositioning without conclusively establishing a sale.

BTC Holdings Fund III-B LLC loan ratings were confirmed and then discontinued and withdrawn after the borrower requested the withdrawal, according to our earlier coverage. We noted the loans are backed by a portfolio of U.S. middle-market corporate debt and, as of the latest review date, the transaction remained in compliance with key performance metrics with no collateral defaults reported.

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