A wallet reportedly linked to Trump Media made a large BTC transfer to Crypto.com, according to data tracked by Arkham.
A wallet reportedly linked to Trump Media & Technology Group, the parent company of Truth Social, transferred a significant amount of Bitcoin
$80,418.56
to the Crypto.com platform. The move has once again raised questions about whether the company is reducing its cryptocurrency reserves.
Trump Media sent 4,259 BTC, worth approximately $434 million, to Crypto.com in two transfers of 2,140 BTC and 2,119 BTC at 02:17 UTC, according to Arkham data. The coins were transferred from addresses labeled “2028 Convertible Notes Collateral” to an address labeled “34jvU…,” which reportedly belongs to Crypto.com, in two transactions of nearly equal size.
The first transaction sent 2,140.03 BTC, while the second sent 2,119.31 BTC to the same destination address.
Trump Media’s second-quarter report stated that, as of June 30, 4,260.73 BTC was being used as collateral for convertible notes, with the loan agreement restricting the withdrawal or distribution of those coins. Arkham’s labels are consistent with this agreement, but do not explain why the coins were moved.
The company also faces a cash repurchase provision at the end of this month, according to its November 2 securities filing, which says that holders of its convertible notes can demand repayment on November 30. This could potentially force the company to pay out about $1 billion if all holders exercise this right. The filing warns that if refinancing or other measures prove insufficient, Trump Media may be forced to sell bitcoin or other digital assets to fund the repurchases.
The latest transfer represents roughly 30% of the approximately 14,139 BTC that Trump Media said it held, including pledged coins, as of July 31. However, that figure is based on an older disclosure, so it does not prove that the company’s bitcoin holdings have decreased.
CoinDesk reached out to Trump Media for comment on the latest transfer and its coin holdings, but had not received a response at the time of publication.
An on-chain transfer does not mean a sale
Moving coins on-chain is often seen as a sign that an investor intends to sell, but that is not always the case. A transfer alone does not confirm a sale.
Still, the latest inflow is large enough to attract market attention, several blockchain-tracking accounts said on X.
“Is this the start of a BTC sell-off? For now, a transfer to an exchange or custodian does not automatically mean bitcoin is being sold. It could be a move for safekeeping or something else entirely,” EyeOnChain noted. “Still, a $343 million bitcoin transfer is not something the market can ignore.”
Similar transactions have been made in the past for custodial storage or trading management purposes.
In May 2026, wallets linked to Trump Media transferred about 2,650 BTC (approximately $205 million) to Crypto.com. A $TRUMP Media representative told CoinDesk that the company had transferred, but not sold, bitcoin as part of its broader trading strategy
In early August 2026, another 2,628 BTC (about $165 million) was transferred to the same platform. The company said the transfer was for custodial asset management and was not a sale. Crypto.com has served as one of the company’s custodial partners since it launched its bitcoin treasury management strategy.$ETH