Trump Media shifted 2,650 bitcoin to Crypto.com last week, on-chain data shows, as the company's $1.13 billion BTC treasury sits deeply underwater. The deposits, split into 449.32 BTC and 2,201 BTC, went to a Crypto.com address ending in 34jvU on May 22. The move comes months after Trump Media's own SEC filings revealed its bitcoin holdings had already dropped by 2,000 coins through what the company called 'hedge, collateral, and derecognition mechanics' — not open-market sales.
A $484 million hole
As of March 31, Trump Media's 9,542.16 BTC had a cost basis of $118,529 per coin — roughly $1.131 billion total. At bitcoin's then-price of about $77,600, the fair value was just $647.1 million. That's a paper loss of nearly $484 million. The company first got into bitcoin in May 2025 through a $2.5 billion financing plan that included $1.5 billion in common stock and $1.0 billion in zero-coupon convertible notes. It named Crypto.com and Anchorage Digital as custodians from the start.
What the SEC filings show
Trump Media's holdings fell from 11,542.16 BTC on Sept. 30, 2025, to 9,542.16 BTC on Dec. 31, 2025 — a drop of exactly 2,000 bitcoin. In its filings, the company attributed the decline to 'hedge, collateral, and derecognition mechanics' and stressed it wasn't selling on the open market. The language left room for interpretation: the coins could have been posted as margin, used in options strategies, or retired through derivative settlements. Trump Media had disclosed a $300 million allocation for bitcoin-related options strategies by July 2025, when it said it held roughly $2 billion in bitcoin and related securities.
On-chain vs. official numbers
Public wallet trackers Arkham and Lookonchain reported 6,889 BTC remaining in Trump Media-linked wallets after the May 22 transfer. That's about 2,653 fewer than the 9,542.16 BTC the company reported at year-end 2025. The gap likely comes from untracked collateral or derivative positions — bitcoin that's moved off wallets and into smart contracts or exchange margin accounts, where public explorers can't easily follow it. The discrepancy isn't unusual for a firm running active hedging strategies, but it does make it hard to pin down exactly how much bitcoin Trump Media still controls.
The May 22 transfer to Crypto.com is the first large on-chain movement from Trump Media wallets since the year-end filing. Whether it's part of ongoing collateral management, a margin call, or something else isn't clear — the company hasn't commented. With bitcoin trading well below its average entry price, the pressure on Trump Media's balance sheet isn't going away. The next SEC quarterly filing, due in August, will show whether holdings have dropped further or if the company has started trimming its position outright.
