Transfer Flagged Onchain, Company Denies Sale Trump Media and Technology Group has moved to quell speculation after 2,628 $BTC, worth approximately $165 million, was transferred to Crypto(.)c
Trump Media and Technology Group has moved to quell speculation after 2,628 $BTC, worth approximately $165 million, was transferred to Crypto(.)com on August 2. On-chain analytics firm Lookonchain flagged the transfers and characterized the move as a likely sale. The move was split across two transactions and quickly drew attention from market watchers tracking the company's wallet activity.
Blockchain data establishes only that the BTC was moved to Crypto(.)com, not that it was sold.A Trump Media spokesperson told The Block that the BTC was transferred to Crypto(.)com but not sold.Crypto(.)com is one of the two custodians the firm chose when establishing its Bitcoin treasury strategy in May 2025, alongside Anchorage Digital.
This is not the first time Trump Media has had to explain a transfer of this kind. The company's explanation matches the one it gave for a similar transfer in May. That earlier transfer involved 2,650 Bitcoin worth about $205 million, and the on-chain wallet balance fell to about 6,890 after the move.
The transfers reduced the balance in wallets publicly attributed to Trump Media to roughly 4,261 BTC, worth about $268 million.According to Trump Media's 2026 first-quarter 10-Q filing, the company is restricted from distributing or withdrawing its Bitcoin subject to certain loan indenture requirements, with restrictions lifted no later than the maturity of the convertible notes on May 29, 2028.
Trump Media began the reserve strategy in May 2025 with a financing plan of about $2.5 billion, split between roughly $1.5 billion of common stock and $1.0 billion of 0.00% convertible senior secured notes. The company has said it accumulated about $2 billion in Bitcoin and Bitcoin-related securities by late July.
Trump Media's broader relationship with Crypto(.)com also includes crypto ETF initiatives and a planned shareholder rewards token. The company withdrew applications for its Truth Social Bitcoin ETF and Bitcoin and Ethereum ETF in May.
Sources:The Block: Trump Media says $165 million Bitcoin transfer to Crypto(.)com wasn't a saleCryptoSlate: Trump Media's Bitcoin treasury faces sale questions after Crypto(.)com transfer
