Wallets tied to Trump Media, the parent company of Truth Social, now hold approximately the same amount of bitcoin as the firm previously pledged as collateral for its convertible notes, following a fresh $165 million transfer to Crypto.com. The company's upcoming second-quarter 10-Q filing will be the decisive test of whether the recent on-chain movements represent custody repositioning or outright sales.

According to Arkham data, wallets attributed to Trump Media moved 2,628 bitcoin—worth approximately $165 million—to Crypto.com across two transactions on Saturday. That leaves roughly 4,261 bitcoin remaining in tagged addresses, valued at about $268 million with bitcoin trading near $63,000.

Notably, Trump Media's first-quarter 10-Q filing reported 4,260.73 bitcoin under lien as collateral for its convertible notes as of March 31. Those assets are restricted from distribution or withdrawal until the notes mature no later than May 29, 2028—meaning the remaining holdings, if they correspond to that collateral pool, are effectively locked for nearly three more years regardless of market conditions. The company has not explicitly stated that the remaining balance corresponds to that collateral, and the tagged wallets may not capture the entirety of its holdings. However, the two figures now round to the same number.

Trump Media did not return a request for comment on the transfers and the collateral matter outside of U.S. business hours on Monday morning.

A Pattern of Outflows Since December

The latest transaction continues a trend that has persisted since December. Trump Media purchased 11,542 bitcoin for approximately $1.37 billion at an average price of $118,522 per coin—near the peak of last year's market cycle, when several public companies were adopting bitcoin as a treasury reserve asset. Since then, wallets linked to the company have moved out 7,281 of those coins.

On-chain analytics firm Lookonchain assessed that the transactions constituted sales executed at an average price of $74,855 per coin. Relative to the original purchase price, this translates to approximately $318 million in realized losses from coins already sold, plus an additional $237 million in unrealized losses on the bitcoin still held.

CoinDesk previously reported the same pattern in May, when the company transferred 2,650 bitcoin worth roughly $205 million to Crypto.com, with bitcoin trading near $77,341 and unrealized losses standing at approximately $455 million at the time. The transfer before that occurred in January, when 2,000 bitcoin worth about $175 million were moved with the price near $87,378.

Treasury Outpacing Business Performance

The bitcoin treasury has been contracting faster than the underlying business it was meant to support. Trump Media posted a $405.9 million net loss in the first quarter on just $871,200 in revenue. Of that loss, $368.7 million stemmed from markdowns on digital assets and equity holdings, including 756 million Cronos tokens acquired through the Crypto.com partnership that has now processed two of the company's three known transfer events. The gap between the company's digital-asset position and its operating revenue underscores the degree to which Trump Media's financial profile has become tied to crypto-market performance rather than its social-media product.

Custody or Sale? Only the 10-Q Will Tell

Crypto.com is one of Trump Media's two named custodians alongside Anchorage Digital, meaning a deposit to Crypto.com is consistent with a custody transfer. However, Crypto.com also operates a trading exchange, making the same on-chain movement equally consistent with a sale. The blockchain itself does not distinguish between the two scenarios.

The definitive answer will come in the second-quarter 10-Q filing. A sale would appear as a realized loss on the income statement, while a custody transfer would have no accounting impact. Whatever the wallets have been doing since December, the activity will have to be reflected in one column or the other.