On-chain data: A wallet associated with Trump Media transferred approximately 4,259 bitcoins to Crypto.com on November 5, worth about $342 million (Arkham data; reported by CoinDesk on November 5). The coins came from an address labeled “2028 convertible note collateral,” and the amount is broadly in line with the 4,260.73 bitcoins in collateral disclosed by the company in its second-quarter filing. The backdrop is that holders of the convertible notes can require the company to repurchase them for cash on November 30; if all holders exercise this right, the transaction would involve about $1 billion. Note: transferring coins to an exchange does not mean they have been sold. Trump Media has previously also transferred bitcoins to Crypto.com for custody or trading management. $BTC