Trump Media & Technology Group (DJT), the parent company of Truth Social, has transferred another 2,650 bitcoins to Crypto.com in a move that is likely to intensify scrutiny of the company’s difficult cryptocurrency strategy.
At current market prices, the transfer is worth approximately $205 million, with bitcoin trading at approximately $77,341 per token. Blockchain data shows that the deposit occurred during the late evening hours in the US, according to Lookonchain, marking the latest significant move in the company’s digital asset holdings.
Trump Media originally purchased 11,542 BTC for approximately $1.37 billion at an average acquisition price of $118,522 per bitcoin. The latest transfer follows a previous move four months ago, when the company transferred 2,000 BTC valued at approximately $175 million at the time, with bitcoin trading near $87,378.
Following the most recent transaction, Trump Media is estimated to have lost approximately $455 million on its bitcoin holdings, as the cryptocurrency continues to trade well below the company’s average purchase price.
The latest crypto transfer comes just days after Trump Media withdrew its application for a spot bitcoin exchange-traded fund, raising new questions about the company’s ambitions in the increasingly crowded crypto investment market. ETF analysts said the decision appeared to be driven less by structural or regulatory concerns and more by the deteriorating economy across the spot bitcoin ETF sector.
The company’s financial results have also come under pressure from its aggressive positioning in cryptocurrencies. In May, Trump Media reported a staggering first-quarter net loss of $405.9 million on just $871,200 in revenue, sharply widening the $31.7 million loss reported during the same period a year earlier.
