Trump Media Transfers $205M in Bitcoin to Crypto.com, Pulls Truth Social Crypto ETF Applications
Trump Media & Technology Group transferred 2,650 Bitcoin—about $205 million—to Crypto.com, according to on-chain data tracked by market observers. The move coincides with the company's decision to withdraw registration filings for multiple Truth Social-branded cryptocurrency exchange-traded funds.
The deposit has drawn scrutiny because exchange inflows are often watched as a potential signal of selling. Trump Media has not said whether the transfer reflects an intended sale, a custody change, or another treasury-management action. The company previously sold 2,000 Bitcoin earlier in 2026 when BTC was trading near $87,000.
Trump Media disclosed it originally purchased 11,542 BTC at an average cost of roughly $119,000 per coin and reported holding 9,542 BTC at the end of the first quarter. After the latest transfer, its wallet is estimated to hold about 6,889 BTC, valued near $534 million based on the prices cited in the source material. If the deposited Bitcoin is ultimately sold, the company would drop in the corporate Bitcoin-holder rankings and could fall behind Galaxy Digital.
The firm built most of its Bitcoin treasury between July and August 2025, when prices were near record highs, positioning itself among public companies using Bitcoin as a reserve asset. Observers have compared the approach to Strategy's corporate Bitcoin playbook under chairman Michael Saylor, though Strategy accumulated its holdings at far lower prices than Trump Media's near six-figure entry levels.
Separately, Trump Media withdrew filings 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 structured to hold a basket including Bitcoin, Ether, Solana, and XRP. The filings were sponsored alongside Yorkville America Digital. SEC documents said the company chose not to proceed with the public offerings at this time; the registration statements never became effective and no securities were sold under the proposed funds.
Yorkville America characterized the pullback as a strategic reset, saying it may pursue an Investment Company Act of 1940 structure instead of the Securities Act of 1933 framework commonly used for spot commodity-style products.
Financial pressure has also been building. Trump Media reported a first-quarter net loss of about $406 million, according to the SEC disclosure cited in the source material, including roughly $244 million in unrealized losses largely tied to Bitcoin holdings. The company also recorded around $108 million in losses from equity securities and investment positions. Its equity securities portfolio fell from $722 million at the end of 2025 to $554 million by the end of the first quarter of 2026. The losses were partly offset by $37 million in options gains and $17 million in realized derivative profits.
Trump Media also disclosed it owns 756 million Cronos tokens acquired through a prior agreement with Crypto.com, valued at about $53 million.
The ETF withdrawals arrive as competition in U.S. Bitcoin funds intensifies. Morgan Stanley recently launched a Bitcoin ETF with a 0.14% annual expense ratio, increasing fee pressure on issuers seeking inflows. Bloomberg analyst James Seyffart said the withdrawal may reflect the tougher landscape for spot Bitcoin ETFs, which have attracted more than $57.7 billion in cumulative inflows since SEC approval in January 2024.
Trump Media's crypto activity continues to face heightened scrutiny given its ties to President Donald Trump and the broader political debate over digital assets. The CLARITY Act has added attention by proposing limits on crypto activity involving senior public officials and their families while in office.
