Trump Media shifted 2,650 Bitcoin — worth about $205 million at the time — to Crypto.com on May 22, 2024, according to blockchain analytics firms Lookonchain and Arkham Intelligence. Two days earlier, the company pulled its applications for a Bitcoin ETF and a Bitcoin-Ethereum ETF with the SEC, citing competition from established players like BlackRock. The moves come as the firm's latest financial filings reveal a $405.9 million net loss in Q1 2026, driven almost entirely by unrealized crypto losses.
The Transfer and the ETF Withdrawal
Blockchain trackers spotted the 2,650 BTC outflow from Trump Media's wallets to Crypto.com. The company didn't comment publicly on the transfer. Four months prior, in January 2024, the firm had moved 2,000 BTC (about $175 million at that time) in what it described as a collateral movement. The ETF withdrawals, filed on May 20, 2024, effectively shelved plans to launch products that would have competed with offerings from BlackRock and other asset managers.
Deepening Red Ink
Trump Media's Q1 2026 earnings report, released this week, spells out the damage. The company posted a net loss of $405.9 million, up sharply from $31.7 million in the same quarter last year. Of that, $368.7 million came from unrealized losses on its Bitcoin holdings. Revenue for the quarter was just $871,200 — a number dwarfed by the crypto writedowns. The company originally bought 11,542 BTC for $1.37 billion, paying an average of $118,522 per coin. With Bitcoin trading around $77,000, the paper loss stands at about $455 million.
Stock Slide and Shrinking Stack
Shares of DJT have fallen 60% over the past 12 months, trading in the $7.95–$8.15 range during the reporting period. After the Crypto.com transfer, Trump Media's visible Bitcoin holdings dropped to roughly 6,889 BTC, valued at $533 million at current prices. The company still holds a sizable position, but the unrealized losses and the abandoned ETF push leave investors questioning the broader strategy.
No official word yet on whether Trump Media plans to sell more Bitcoin, pivot to a different financial product, or simply ride out the market. The next quarterly filing will show if the outflows continue.
