Trump Media Moves $205M in Bitcoin to Crypto.com as Losses Mount – Here’s What We Know

TLDR

• Trump Media transferred 2,650 bitcoin worth about $205 million to Crypto.com on May 22, 2026.
• The company says it did not sell the bitcoin, calling it part of a “larger trading strategy.”
• Trump Media bought 11,542 BTC at an average price of $118,522, and bitcoin now trades well below that.
• The company is estimated to be down roughly $455 million on its total bitcoin holdings.
• Trump Media posted a $405.9 million net loss in Q1 2026 on just $871,200 in revenue.

Trump Media & Technology Group transferred 2,650 bitcoin to the Crypto.com exchange on May 22, 2026. The transfer, worth about $205 million at current prices, is the second time the company has moved a large chunk of its bitcoin holdings to a centralized exchange.

A spokesperson told CoinDesk that the company “transferred, but did not sell” the bitcoin, describing it as part of a broader trading strategy. Still, the move has raised questions from analysts and investors watching the company’s crypto holdings closely.

Blockchain data confirmed the deposit through Lookonchain and Arkham Intelligence. After the transfer, Trump Media’s on-chain address still holds an estimated 6,889 BTC, worth roughly $533 million at current prices.

A Costly Bitcoin Bet

Trump Media originally bought 11,542 bitcoin for approximately $1.37 billion, paying an average of $118,522 per coin. Bitcoin has since dropped well below that price, trading around $77,341 at the time of the transfer.

That gap leaves the company sitting on an estimated $455 million in unrealized losses on its crypto holdings.

This was not the first such transfer. Four months earlier, Trump Media moved 2,000 BTC to an exchange when bitcoin was trading near $87,378. That move was attributed to an internal custody change. The new transfer, at higher prices, has prompted a different set of questions.

The company has not explained why it used Crypto.com specifically or what the arrangement involves. It is unclear whether the move is related to custody, liquidity, or something else.

Financial Pressure Builds

Trump Media reported a first-quarter net loss of $405.9 million in May 2026. The company brought in just $871,200 in revenue during that period. A year earlier, the net loss was $31.7 million, making the jump stark.

The bulk of the Q1 loss came from mark-to-market accounting on its crypto holdings, which fell in value as bitcoin and Cronos prices dropped from their late-2024 peaks. These are unrealized losses, not cash losses.

The company’s core operations, which include Truth Social and affiliated media, generated $17.9 million in positive operating cash flow over the same period.

Still, the headline numbers have weighed on sentiment. Shares of Trump Media fell in early trading following news of the transfer.

Trump Media also recently withdrew its application for a spot bitcoin exchange-traded fund. ETF analysts said the withdrawal appeared to be driven by poor economics in the bitcoin ETF market rather than regulatory issues.

Unlike Strategy, which holds over 818,000 bitcoin and has publicly committed to a long-term accumulation strategy, Trump Media CEO Devin Nunes has not made a similar pledge. He has described the crypto holdings as a balance-sheet diversification move.

The company has not scheduled a call or issued a statement to address the transfer directly.

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