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 establishes 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.

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 [4,260.73] 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 did not immediately respond to an inquiry from The Block regarding the nature of the transfers and whether or not the BTC was sold. However, after Trump Media-linked wallets transferred 2,650 BTC, then worth about $205 million, to Crypto.com in May, a company spokesperson told CoinDesk at the time that Trump Media had "transferred, but did not sell" the bitcoin as part of its broader trading strategy.

If the 2,628 BTC were sold for approximately $165 million, the transaction would imply an economic loss of about $146.5 million compared with Trump Media's reported average acquisition cost of roughly $118,529 per bitcoin. An Aug. 1 sale, as part of 2026's third quarter, would not be reported by the company until November, while its second-quarter report is expected within days.

Trump Media's relationship with Crypto.com also includes crypto ETF proposals and a planned shareholder rewards token, though the ETF proposals were withdrawn in May.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.

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