Trump Media-linked wallets transferred 2,628 Bitcoin worth about $165 million to Crypto.com on Aug. 2, according to Lookonchain. The move left roughly 4,261 BTC in the tracked wallets. Trump Media has not confirmed that the transfer represented a sale.
An exchange deposit can occur before a sale. It can also reflect custody, collateral, or an internal transfer. No company statement or SEC filing had explained the Aug. 2 movement.
Did Trump Media Sell the Bitcoin?
Lookonchain said Trump Media originally acquired 11,542 BTC for about $1.37 billion. That equals an average cost of $118,522 per coin. Its post said the company appeared to have sold another 2,628 BTC, showing the conclusion remained uncertain.
Trump Media’s March quarterly filing provides the latest company-confirmed figures. It listed 9,542.16 BTC on March 31. The coins carried a $1.131 billion cost basis and a fair value of $647.1 million.
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The filing recorded no change in the Bitcoin count during the first quarter. It also identified 4,260.73 BTC as collateral for convertible notes. Those coins cannot be withdrawn or distributed unless the company meets specified indenture terms.
The collateral restrictions must end no later than May 29, 2028. The 4,261 BTC left in the tracked wallets closely matches the pledged amount. Still, public wallet labels do not prove the accounting or legal status of those coins.
Why Is the $555M Loss Unconfirmed?
Lookonchain estimated that 7,281 BTC had left the linked wallets over seven months. It placed their average transfer price at $74,855 and their combined value at about $545 million. The account then calculated a $555 million realized and unrealized Bitcoin loss.
Trump Media has not confirmed that estimate. It assumes the exchange deposits became sales near the observed market prices. The calculation also combines possible realized losses with the lower market value of remaining coins.
The March filing showed a steep decline in Bitcoin’s fair value. However, Trump Media said it had not recorded material realized losses on the assets at that reporting date. Trump Media-linked wallets later transferred 2,650 BTC to Crypto.com on May 22 without confirming a sale.
Why Does Truth API Face Scrutiny?
The move came after the platform launched its Truth API in August. The subscription-based platform provides organizations with quicker access to certain posts on Truth Social.
US Senators Adam Schiff and Elizabeth Warren requested the SEC to investigate whether the platform contravened securities regulations. They claimed that such quick access to market-moving posts from the president would be to the detriment of regular users.
The platform reported a $405.9 million net loss for the first quarter of 2026. The result included $244 million in unrealized losses on digital and pledged assets, plus a $108.2 million investment loss.
A company said the May Bitcoin transfer was not a sale. As of Aug. 2, Trump Media had not classified the latest 2,628 BTC transfer as a completed sale.
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