Trump Media & Technology Group, the parent company of Truth Social, faces renewed scrutiny over its Bitcoin treasury after wallets linked to the firm moved 2,628 BTC — approximately $165 million — to Crypto.com in two separate transactions during early August.

Transfer Details and Collateral Parity

Following the transfers, wallets tagged as Trump Media-held showed roughly 4,261 BTC remaining, valued at approximately $268 million with Bitcoin trading near $63,000. That figure closely corresponds to the 4,260.73 BTC designated as collateral for the company's convertible notes. Those coins are restricted from distribution or withdrawal until the notes mature no later than May 29, 2028.

If the remaining wallet balance does represent the pledged collateral, it would mean Trump Media has effectively exhausted its unencumbered Bitcoin — the portion not locked as loan backing and therefore available for strategic use. That would leave the company with little flexible crypto liquidity beyond its Cronos token holdings.

Trump Media has not confirmed whether the remaining wallet balance represents the pledged collateral. Additionally, the tracked wallets may not reflect every Bitcoin address under the company's control.

Company representatives stated that no Bitcoin sale took place. However, Crypto.com serves dual roles as both a named custodian and a trading venue, meaning the same transfer could indicate either a custody repositioning or an actual sale. The company's upcoming second-quarter filing is expected to provide clarity: a sale would appear as a realized loss on the income statement, whereas a custody transfer would have no such impact. For a company whose quarterly revenue is under $1 million, the distinction carries significant weight for its financial statements.

Treasury Decline From Original Holdings

Trump Media originally acquired 11,542 BTC for roughly $1.37 billion at an average purchase price of approximately $118,522 per coin — near the upper range of the previous market cycle. By comparison, other publicly traded companies with Bitcoin treasuries, such as MicroStrategy and Tesla, have generally followed long-term hold strategies, making sustained drawdowns from acquired positions a less common pattern among comparable corporate holders.

Since those purchases, wallets linked to the company have moved out 7,281 BTC. On-chain analytics firm Lookonchain characterized those movements as sales executed at an average price of $74,855 per coin. Based on that estimate, realized losses from the sold coins would total approximately $318 million, with an additional estimated $237 million in paper losses on the remaining holdings.

The company's cryptocurrency position already weighed heavily on its first-quarter financial results. Trump Media reported a $405.9 million net loss on just $871,200 in revenue for the quarter. Digital assets and equity holdings accounted for $368.7 million in markdowns, including holdings of 756 million Cronos tokens connected to the company's partnership with Crypto.com.

Assessing Trump Media's Bitcoin reserve from public wallet flows alone has become increasingly difficult. If the most recent transfer was purely custody-related, the balance sheet would remain unchanged. The company's next quarterly disclosure will be the first definitive public record distinguishing between custodial movement and asset liquidation.

Truth API Launch Coincides With Regulatory Scrutiny

The Bitcoin transfers coincided with Trump Media's August 1 launch of Truth API, a paid data feed for institutional customers that provides subscribers with faster access to posts from prominent Truth Social accounts.

Reported pricing for the service reaches $100,000 per month, or $60,000 per month under a three-year commitment. A single annual subscription at list price would exceed the company's entire first-quarter revenue.

BREAKING: Trump Media has officially launched its new paid data service, providing faster access to Truth Social posts from President Trump. The new service is called "Truth API" which gives firms "a direct, licensed, real-time feed of the platform's most market-moving Truths,"…

— The Kobeissi Letter (@KobeissiLetter) August 1, 2026

Interim CEO Kevin McGurn said, "Markets already move on Truth Social posts." He described Truth API as offering a "direct, licensed, real-time feed" of market-moving posts.

The product has drawn the attention of Democratic lawmakers. Senators Elizabeth Warren and Adam Schiff formally requested that the Securities and Exchange Commission review whether the product violates securities laws.

"This appears to be an outrageous abuse of the President's office for his personal benefit that undermines everyday investors and the integrity of our markets," the senators wrote.

They also cited President Trump's ownership stake in Trump Media and his history of market-moving social media posts. The request now sits before the SEC as Trump Media continues to expand its data licensing business.