Trump Media May Sell Bitcoin as Up to $1 Billion in Debt Repayments Loom

Trump Media & Technology Group, the company backed by U.S. President Donald Trump, is facing pressure to repay as much as $1 billion in debt, the Financial Times reported. The squeeze could force the company to sell some of its Bitcoin holdings to raise cash.

The Financial Times reported on Nov. 14 that TMTG must respond by Nov. 30 to repayment demands tied to convertible notes it issued in May 2025. The notes were sold to fund the company's Bitcoin treasury strategy.

TMTG's share-price slump has weakened bondholders' incentive to convert into stock. The shares have fallen more than 60% this year to $4.64, well below the conversion price of $34.72. That increases the likelihood that investors will seek cash repayment instead of shares.

TMTG's liquidity position is also tight. As of the end of the third quarter, the company had about $395 million in cash and short-term investments available for immediate use. By contrast, the value of its crypto holdings stood at about $1.36 billion during the same period.

That has fueled expectations that TMTG could either sell Bitcoin or seek additional borrowing to meet its obligations. The company also said in a recent filing that if it fails to raise funds, a Bitcoin sale could become unavoidable.

Interim Chief Executive Officer Kevin McGann said on a recent earnings call that the company is considering using a combination of cash on hand and borrowing to repay the convertible notes. He added that TMTG wants to retain as much Bitcoin as possible.