A wallet linked by onchain trackers to Trump Media sent another 2,650 BTC to Crypto.com, putting roughly $205 million in Bitcoin on an exchange-linked address while traders were already watching corporate treasury flows more closely.
The latest transfer follows an earlier 2,000 BTC movement roughly four months ago, bringing the tracked movement from the linked wallets to 4,650 BTC across the two large transactions. Trump Media originally built an 11,542 BTC position for about $1.37 billion, at an average acquisition price near $118,522 per bitcoin.
The new transfer quickly raised sale speculation because large deposits to exchanges can precede spot liquidation, OTC settlement, collateral movement, custody restructuring or broader treasury management. A Trump Media spokesperson later told CoinDesk that the company “transferred, but did not sell,” some of its BTC holdings as part of a larger trading strategy.
That statement changes the immediate read. The transfer is now a confirmed exchange-side movement, not a confirmed Bitcoin sale. It still matters because the wallet activity comes while Trump Media’s crypto treasury sits far below its reported entry price and while Bitcoin trades near $75,000, well under the company’s original average BTC cost.
Treasury Losses Keep The Strategy Under Pressure
Trump Media’s Bitcoin strategy began as a major balance-sheet pivot. The company raised funds for a Bitcoin treasury strategy in 2025, with Crypto.com and Anchorage Digital named as custody providers for the holdings.
The position now looks much heavier after Bitcoin’s decline from the company’s purchase zone. CoinGecko’s treasury tracker lists Trump Media with 9,542 BTC at an average cost near $118,529, with the Bitcoin position down by more than $400 million on an unrealized basis at current prices. Its broader listed crypto treasury, including Cronos, is also deeply underwater.
The company’s first-quarter results already showed the pressure. Trump Media posted a $405.9 million net loss for Q1 2026, with most of the hit tied to non-cash losses, including unrealized losses on digital assets, pledged digital assets and equity securities.
The latest wallet movement also lands shortly after a Trump Media-linked wallet transfer had already put the sale question in front of traders. The new company statement narrows that question, but it does not remove the market’s focus on why the coins were moved to Crypto.com, how they are being used, and whether the transfer changes the liquidity profile of the treasury.
Bitcoin is trading near $75,200, while DJT stock is near $7.95, leaving the company’s equity valuation tied to a mix of platform growth, merger plans, crypto treasury performance and market confidence in its balance-sheet strategy. The key follow-up now is not a rumor about dumping. It is whether Trump Media discloses the transfer’s role in custody, collateral, hedging, liquidity management or future treasury activity, because that disclosure will decide whether the $205 million move remains an operational transfer or becomes a larger signal about corporate Bitcoin treasury risk.
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