Wallets linked to Trump Media have deposited 2,650 bitcoins, worth about $205 million, at Crypto.com, according to trackers on the chain, sparking speculation that Truth Social’s parent company has sold another slice of its bitcoin treasury. This conversion is significant because Trump Media’s Bitcoin position was built near much higher levels, leaving the company exposed to one of the most pronounced corporate treasury drawdowns in the market.
Lookonchain framed this move as an open question, writing: “Trump Media just sold 2,650 Bitcoin ($205 million)?” Trump Media purchased 11,542 bitcoins for about $1.37 billion at an average cost of $118,522, and previously transferred 2,000 bitcoins at a price of about $87,378, then deposited another 2,650 bitcoins at Crypto.com, the account said. On-chain data places the last deposit between approximately 01:22 and 02:22 GMT on May 22, with Bitcoin trading near $77,300 at the time.
Did Trump’s Media Really Sell Bitcoin?
The main caveat is that an exchange deposit is not the same as a confirmed sale. CryptoQuant analyst Axel Adler Jr pushed back on the more aggressive explanation, writing: “Wallet linked to Trump Media deposited 2,650 BTC at Crypto_com, sale unconfirmed.” This distinction is important because the company’s previous move of 2,000 bitcoins was later described not as an immediate sale, but as collateral tied to hedging arrangements.
Trump Media’s own filings previously showed that the company entered into 4,000 BTC hedges and posted 2,000 BTC as collateral to a counterparty with re-hypothecation rights, requiring those assets to be derecognised from the balance sheet. Arkham estimates that on-chain visible holdings after Crypto.com’s last deposit have fallen to 6,889 thousand bitcoins worth $533 million.
Optics are still difficult. Trump media announced its BTC treasury strategy In May 2025 through a private placement involving approximately US$1.5 billion in common stock and US$1 billion in 0.00% senior secured convertible notes, saying the proceeds would be used to create a Bitcoin treasury. Crypto.com and Anchorage Digital have been named as custody service providers for this strategy.
That treasury has since become a major driver of reported results. In its first quarter 2026 update, Trump Media Recorded $2.2 billion in total assets And about $2.1 billion in financial assets, but also a net loss of $405.9 million, with the bulk tied to non-cash losses including unrealized losses on digital assets, pledged digital assets, and securities.
The move sparked a sharp reaction from Bitcoin native commentators. James “Checkmate” tested on the series books: “Good, sell it all. Flush out all the graft. Bitcoin has an amazing way of shedding its skin every turn, leaving all the fraud and crime behind. Sit tight.”
The tone captured a broader divide in market reaction: some viewed the deposit as a surrender, while others argued that the prior collateral loop made it risky to assume a sale before subsequent portfolio activity or deposits confirmed it.
For Trump Media shareholders, the next relevant question is whether the 2,650 BTC have been liquidated, pledged, transferred for custody reasons, or left on the exchange. If sold near the time value of the reported deposit, the tranche would crystallize a loss against the company’s reported average entry price. If not, the transaction may simply become another example of how corporate Bitcoin treasuries now face real-time scrutiny through public wallet classification.
At press time, Bitcoin was trading at $77,430.
Featured image created with DALL.E, a chart from TradingView.com
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