On-chain trackers lit up over the weekend after wallets linked to Trump Media & Technology Group transferred 2,628 BTC — roughly $165 million — to Crypto.com.
Lookonchain flagged the move and treated it as another leg of selling. The company, however, is sticking to a familiar line: the coins were moved, not sold. That left market watchers guessing.
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The transfers left the publicly tagged wallets holding about 4,261 BTC. That number sits almost exactly on top of the 4,260.73 BTC Trump Media previously reported as collateral for its convertible notes.
Transfer Confirmed, Sale Claim Denied
A company spokesperson told media outlets the Bitcoin went to Crypto.com for custody purposes and was not sold — the same explanation offered after a similar transfer in May.
Crypto.com is one of the two custodians Trump Media named when it first set up its Bitcoin treasury strategy.
On-chain data can only show the coins arriving at the exchange. What happens after that remains opaque until the next regulatory filing drops.
Looks More Like a Treasury Unwind..
Lookonchain’s broader tracking paints a more aggressive picture. Trump Media originally accumulated around 11,542 BTC at an average price north of $118,000.
Over the past seven months the firm has moved out roughly 7,281 BTC. The remaining balance in the tracked wallets now lines up neatly with the amount locked up as loan collateral.
Whether the latest transfer was pure custody housekeeping or the final liquid coins heading for the exit is still officially unconfirmed. What’s clear is that the liquid portion of the once-hefty BTC treasury has been steadily slimming in public.
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