Trump Media transfers 2,628 Bitcoin to Crypto.com

Trump Media, Donald Trump’s media company, listed on the Nasdaq under the ticker DJT, is again moving a large amount of Bitcoin to crypto exchange Crypto.com. It concerns 2,628 BTC, which at the time of the transaction amounts to approximately $165 million. The company’s combined realised and unrealised losses thereby mount to an estimated $555 million.

Bitcoin is available at OKX and Bybit.

In short:

• Trump Media sends 2,628 BTC to Crypto.com, worth approximately $165 million.
• The company bought an estimated 11,542 BTC at an average price of roughly $118.500 per Bitcoin.
• Total losses are estimated at $555 million, although transfers to an exchange do not automatically mean a sale.

Large amounts of Bitcoin heading to exchange

Onchain data from analyst EmberCN shows that addresses linked to Trump Media carried out two transactions to Crypto.com in the past seven hours. The first transfer involved almost 199 BTC, worth around $12.5 million, and the second no less than 2,429 BTC, for approximately $152.5 million. Together they account for the aforementioned 2,628 BTC.

These are not the first transfers of this year. For instance, addresses linked to Trump Media previously moved 449 BTC and 2,201 BTC to the same exchange two months ago. In total, approximately 7,281 BTC have already left the company’s wallets this year. What remains is around 4,261 BTC.

Average purchase price far above current price

Trump Media acquired an estimated 11,542 BTC at an average purchase price of approximately $118.500 per coin. The Bitcoin price currently stands at $63.436, meaning the current price is far below the company’s entry level. Losses are therefore piling up. EmberCN estimates the combined realised and unrealised losses at around $555 million.

Incidentally, a transfer to a crypto exchange does not necessarily mean the Bitcoin is actually being sold. It could also involve internal movements or custody through the exchange. Trump himself is no stranger to major crypto movements, having already generated billions in crypto revenue through other initiatives. Nevertheless, transfers of this magnitude raise questions about the strategy behind Trump Media’s Bitcoin portfolio.