CoinDesk
Trump Media & Technology Group (DJT) transferred another 2,650 bitcoin to Crypto.com on Friday, a deposit worth roughly $205 million at a market price near $77,341 per token, according to blockchain data tracked by Lookonchain. The move adds to an earlier 2,000 BTC transfer four months ago that was valued near $175 million at the time, and leaves the company down an estimated $455 million on its bitcoin holdings. Trump Media originally purchased 11,542 BTC for about $1.37 billion at an average price of $118,522 per coin, meaning the position is now underwater by roughly 40 percent against cost basis.
Why it matters
The latest transfer lands days after Trump Media withdrew its application for a spot bitcoin ETF, a reversal analysts attributed less to regulatory friction than to deteriorating economics across the spot BTC ETF complex. The company also reported a first-quarter net loss of $405.9 million on just $871,200 in revenue — a sharp widening from the $31.7 million loss posted a year earlier — leaving the balance sheet with little room to absorb further drawdowns on the crypto position. With DJT stock already under sustained pressure, the combination of an underwater treasury bet and a near-100-percent operating loss ratio is reshaping how the market reads the company's strategic posture.
Market impact
The transfer is the second large outflow in roughly four months and signals continued rebalancing rather than passive holding, even as the average purchase price remains far above spot. Watch the next DJT 10-Q for explicit treasury-policy language and any disclosure of further transfers to Crypto.com or other custodians — a third large move would suggest the unwind is structural rather than tactical.
Frequently asked questions
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How much bitcoin did Trump Media transfer to Crypto.com?
Trump Media transferred 2,650 BTC to Crypto.com, valued at roughly $205 million at a market price near $77,341 per token. The deposit was first flagged by blockchain tracker Lookonchain.
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How much has Trump Media lost on its bitcoin holdings?
Trump Media is estimated to be down roughly $455 million on its bitcoin treasury. The company originally bought 11,542 BTC for about $1.37 billion at an average price of $118,522 per coin, leaving the position underwater by around 40 percent.
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Why did Trump Media withdraw its spot bitcoin ETF application?
DJT withdrew its spot BTC ETF filing shortly before the latest transfer. ETF analysts cited deteriorating economics across the spot bitcoin ETF sector rather than structural or regulatory concerns as the likely driver.
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How bad are Trump Media's latest quarterly results?
Trump Media reported a first-quarter net loss of $405.9 million on just $871,200 in revenue. That compares with a $31.7 million net loss in the same period a year earlier, marking a sharp widening of the deficit.
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What was Trump Media's original bitcoin purchase?
The company bought 11,542 BTC for approximately $1.37 billion, working out to an average acquisition price of about $118,522 per bitcoin. With bitcoin trading near $77,341, the position sits roughly 40 percent below cost basis.
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