Another large on-chain transfer: A wallet linked to Trump Media moved about 4,259 $BTC (roughly $344 million) to Crypto.com.
According to Lookonchain / Arkham, the transfer consisted of two nearly equal transactions (about 2,140 + 2,119 BTC). The source address was labeled “2028 Convertible Notes Collateral”—matching the bitcoin collateral for convertible notes listed in the company’s second-quarter report (about 4,260.73 BTC at the time). This amounts to roughly 30% of its total holdings disclosed at the end of July (about 14,100 BTC).
One distinction is important: transferring to an exchange or custodian ≠ selling. When similar transfers to Crypto.com took place in May and August this year, the company said they were for custody or trading management, not sales. However, a November 2 filing said convertible noteholders could require cash repurchases around November 30; if fully exercised, the amount could reach about $1 billion. The filing also said the company might need to sell bitcoin or other digital assets if necessary. This time, the transfer involved the collateral pool, which is why the market is watching closely.
The company has not yet issued an official statement on this latest transfer. Whether it is selling, and how much, will depend on subsequent disclosures. $BTC #TrumpMedia #Crypto.com
According to Lookonchain / Arkham, the transfer consisted of two nearly equal transactions (about 2,140 + 2,119 BTC). The source address was labeled “2028 Convertible Notes Collateral”—matching the bitcoin collateral for convertible notes listed in the company’s second-quarter report (about 4,260.73 BTC at the time). This amounts to roughly 30% of its total holdings disclosed at the end of July (about 14,100 BTC).
One distinction is important: transferring to an exchange or custodian ≠ selling. When similar transfers to Crypto.com took place in May and August this year, the company said they were for custody or trading management, not sales. However, a November 2 filing said convertible noteholders could require cash repurchases around November 30; if fully exercised, the amount could reach about $1 billion. The filing also said the company might need to sell bitcoin or other digital assets if necessary. This time, the transfer involved the collateral pool, which is why the market is watching closely.
The company has not yet issued an official statement on this latest transfer. Whether it is selling, and how much, will depend on subsequent disclosures. $BTC #TrumpMedia #Crypto.com
