Today, Trump Media transferred approximately 4,259 BTC (about $344 million) from its convertible-debt collateral wallet to Crypto.com—nearly all of the collateral previously pledged.
The company has described similar transfers in the past as custody adjustments, not sales. But on November 30, convertible-debt holders can demand a cash repurchase (up to about $1 billion), and the filing says the company may have to sell coins if it cannot raise enough funds.
This transfer is likely preparation for a potential repurchase. It remains to be confirmed whether the company will actually sell.
The company has described similar transfers in the past as custody adjustments, not sales. But on November 30, convertible-debt holders can demand a cash repurchase (up to about $1 billion), and the filing says the company may have to sell coins if it cannot raise enough funds.
This transfer is likely preparation for a potential repurchase. It remains to be confirmed whether the company will actually sell.