Trump Media & Technology Group transferred 2,650 Bitcoin worth about $205 million to Crypto.com in two transactions on May 22. On-chain data linked the transfers to wallets labeled as Trump Media accounts. The company has not issued an official statement about the purpose of the move. Trump Media previously bought 11,542 BTC for about $1.37 billion, leaving it with an estimated $455 million in unrealized losses when Bitcoin trades near $77,000. After the transfer, visible holdings are estimated at about 6,889 to 6,892 BTC valued near $533 million. The transfer follows an earlier collateral-related movement of 2,000 BTC and occurs shortly after withdrawing spot Bitcoin ETF applications.
"Trump Media & Technology Group (Nasdaq: DJT), the parent company of the Truth Social platform, has transferred another 2,650 Bitcoin worth approximately $205 million to the exchange Crypto.com, a move widely interpreted as preparation for a potential sale of the company's digital asset holdings."
"The transfer, confirmed by on-chain data tracked by blockchain analytics firm Lookonchain, occurred in two transactions between roughly 1:22 a.m. and 2:22 a.m. GMT on May 22, originating from wallets labeled as Trump Media accounts by Arkham Intelligence."
"Trump Media originally purchased 11,542 BTC for approximately $1.37 billion at an average acquisition price of $118,522 per coin. With Bitcoin trading around $77,000 to $77,300 at the time of the transfer - well below that cost basis - the company is now estimated to be sitting on roughly $455 million in unrealized losses on its cryptocurrency holdings."
"The latest crypto transfer comes just days after Trump Media withdrew its applications for a spot Bitcoin ETF and a combined Bitcoin-Ethereum ETF from the U.S. Securities and Exchange Commission on May 20. The company's fund sponsor, Yorkville America, filed for withdrawal, citing a decision not to pursue the public offering "at this time.""
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