Trump Media Transfers $205 Million of Bitcoin to Crypto.com

Trump Media & Technology Group transferred about $205 million of Bitcoin to Crypto.com, according to on-chain data, fueling speculation that the company may be preparing a large sale.

Data from Arkham Intelligence showed on August 1 that a wallet linked to Trump Media sent 2,650 Bitcoin to Crypto.com on May 22. Based on Bitcoin's price at the time, the transfer was worth about $205 million.

Trump Media disclosed at the end of March that it held 9,542.16 Bitcoin. The transferred amount equals about 28% of that total. After the move, the Bitcoin balance in Trump Media-linked wallets visible on-chain fell to about 6,890.

Transfers of crypto assets to exchange wallets are typically viewed as a sign that a sale could be coming. Still, wallet movements alone do not confirm that a sale took place. Crypto.com is Trump Media's Bitcoin custody partner and a collaborator in its crypto exchange-traded fund business. The transfer may also have been for custody, collateral or internal rebalancing purposes.

Trump Media posted a net loss of $405.9 million in the first quarter. Most of the loss came from unrealized valuation losses tied to declines in the prices of crypto assets including Bitcoin and Cronos (CRO). As of the end of March, the company's Bitcoin had a purchase cost of $1.13 billion, while its fair value had fallen to $647.1 million.