Trump Media & Technology Group transferred 2,650 Bitcoin worth approximately $205 million to Crypto.com, according to on-chain data cited by market observers. The company simultaneously withdrew applications for three Truth Social-branded cryptocurrency exchange-traded funds. The transaction has drawn attention as deposits to exchanges are typically monitored for possible sale activity, though Trump Media has not publicly confirmed whether the Bitcoin transfer was intended for a sale, custody change, or another treasury purpose.
The company previously sold 2,000 Bitcoin in 2026 when BTC traded near $87,000. Trump Media originally purchased 11,542 BTC at an average cost of approximately $119,000 per coin and reported holding 9,542 BTC at the end of the first quarter. Following the latest transfer, Trump Media's wallet is estimated to hold approximately 6,889 Bitcoin, valued near $534 million based on the prices cited in the source material.
Bitcoin Holdings and Treasury Strategy
Trump Media built its Bitcoin treasury between July and August 2025, when Bitcoin was trading near record levels. This move placed the company among public firms using Bitcoin as a reserve asset. The strategy has been compared with the corporate Bitcoin model used by MicroStrategy, the company chaired by Michael Saylor. The main difference is that MicroStrategy began buying Bitcoin at much lower prices, while Trump Media entered near six-figure levels.
Truth Social Crypto ETF Filings Withdrawn
Trump Media withdrew applications for three Truth Social-branded crypto ETFs: the Truth Social Bitcoin ETF, the Truth Social Bitcoin & Ethereum ETF, and the Truth Social Crypto Blue Chip ETF. The Crypto Blue Chip ETF was designed to hold a basket of digital assets, including Bitcoin, Ether, Solana, and XRP. The filings were sponsored alongside Yorkville America Digital.
According to SEC filings, the company decided not to pursue the public offerings at this time. The registration statements had not become effective, and no securities had been sold under the proposed funds. Yorkville America said the withdrawal was part of a strategic reset, noting it may pursue a structure under the Investment Company Act of 1940 instead of the Securities Act of 1933 framework used by many spot commodity-style products.
Financial Losses and Competitive Pressure
Trump Media reported a first-quarter net loss of approximately $406 million, according to SEC disclosure. The company recorded approximately $244 million in unrealized losses tied mainly to Bitcoin holdings and around $108 million in losses from equity securities and investment positions. Its equity securities portfolio declined from $722 million at the end of 2025 to $554 million by the end of the first quarter of 2026.
The company partly offset those losses through $37 million in options gains and $17 million in realized derivative profits. Trump Media also disclosed ownership of 756 million Cronos tokens acquired through a prior agreement with Crypto.com. Those tokens were valued at approximately $53 million.
The ETF withdrawal occurs during a more competitive period for Bitcoin funds. Morgan Stanley recently launched a Bitcoin ETF with a 0.14% annual expense ratio, placing fee pressure on other issuers seeking investor inflows. U.S. spot Bitcoin ETFs have attracted more than $57.7 billion in cumulative inflows since their approval in January 2024.
