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Trump Media's wallet sends 2,650 BTC to Crypto.com, raising fresh questions about its Bitcoin treasury strategy

A cryptocurrency wallet tied to Trump Media & Technology Group transferred 2,650 bitcoin to Crypto.com on May 22, a move valued at about $204.93 million. The company has not provided an explanation, leaving investors to speculate whether the transfer reflects a partial sale, a custody reorganization, or a liquidity arrangement. The originating address still holds an estimated 6,889 BTC, worth roughly $532.78 million. The unanswered rationale has become a focal point for shareholders, since moving a large tranche of BTC to a centralized exchange tends to amplify expectations of balance-sheet action rather than pure treasury accumulation. The transaction also arrives amid scrutiny of the company's cost basis. Trump Media previously disclosed purchases totaling about 11,542 BTC at an average cost of $118,522 per coin, implying roughly $1.37 billion invested. In December 2025, the same wallet moved 2,000 BTC when bitcoin was near $87,378, a transfer widely interpreted as an internal custody shift because it occurred below the stated average cost. This latest deposit took place at higher prices, making market interpretation more sensitive. The backdrop is a steep accounting loss. Trump Media reported a Q1 2026 net loss of $405.9 million, driven largely by unrealized losses on its Bitcoin and Cronos positions as crypto prices pulled back from late-2025 highs. Its underlying operations, including Truth Social and related media assets, produced positive operating cash flow of $17.9 million during the quarter, indicating the headline loss was primarily mark-to-market rather than cash outflow. Investors have drawn comparisons to Strategy, which has accumulated more than 818,000 BTC over years with a well-telegraphed buying framework. Trump Media's approach has been less defined: it used part of the $2.4 billion raised through equity and convertible note placements in 2025, and CEO Devin Nunes has characterized the crypto holdings as balance-sheet diversification rather than a "never sell" policy. DJT shares traded lower after the transfer was flagged on-chain. Absent company disclosure, the market is left interpreting blockchain movements as proxies for corporate intent.
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