According to Lookonchain’s on-chain data tracking, Trump Media & Technology Group (DJT) transferred 2,650 BTC (about $205 million) to the Crypto.com exchange wallet on May 22. A company representative confirmed to CoinDesk that Trump Media made the transfer, but did not sell the Bitcoin.
Timeline of the two BTC transfers and traces of shrinking holdings
Trump Media’s two Bitcoin transfers in 2026 have been fully recorded as follows:
First transfer (about 4 months ago, around January 2026): 2,000 BTC; at the time, the BTC market price was about $87,378, and the transferred asset was estimated at about $175 million. Second transfer (May 22, 2026): 2,650 BTC; at the time, the BTC market price was about $77,700, and the transferred asset was estimated at about $205 million.
Holdings change trail: initial disclosure of 11,542 BTC → about 9,542 BTC after the first transfer → about 6,889-6,892 BTC after the second transfer. Holdings have been reduced by about 40% from the initial scale. The remaining holdings are now valued at about $533 million based on the current market value, with a book cost of about $816 million ($118,522 per BTC × 6,889 BTC).
Q1 2026 financial report: digital-asset impairment dominates the loss
Trump Media’s Q1 2026 financial report confirms the following figures: Q1 net loss of $405.9 million; Q1 revenue of $871.2 thousand (a very low revenue base); unrealized discounts of about $368.7 million related to digital assets, staked crypto assets, and equity securities (about 91% of the net loss); Bitcoin holdings cost of about $1.13 billion, and as of the end of March the fair market value had fallen to about $647 million (a book loss of about $483 million). DJT shares closed at $7.95 on May 22, down about 60% over the past 12 months.
Trump Media also holds about 756 million Cronos tokens (Crypto.com’s native token), related to cooperation agreements between Trump Media and Crypto.com.
FAQ
Did Trump Media’s official statement of “transferred but not sold” rule out the possibility of future selling?
Trump Media’s representative confirmed to CoinDesk that no sale had occurred as of the time of the report, but did not rule out the possibility of subsequent selling. A Crypto.com exchange deposit is a prerequisite step for selling, but it can also be used for other purposes, such as staking services, custody arrangements, futures hedging, or OTC over-the-counter trades. Arkham confirmed that the funds were still in the exchange wallet (as of the time the report was released). The market typically treats large exchange deposits as a potential signal of selling pressure, but as market analysts pointed out, because the overall market daily trading volume is in the billions of dollars, the direct impact of the $205 million transfer on the spot market is relatively limited; the specific impact depends on the subsequent handling method (direct spot market trading vs OTC trading).
Is Trump Media’s withdrawal of its Bitcoin ETF application on May 20 directly related to its Bitcoin transfer activity?
The official reason Trump Media cited for withdrawing the application is “deteriorating economics in the spot Bitcoin ETF space,” and it did not mention any connection to its own holdings management. At present, there is no confirmed publicly available document indicating a direct strategic linkage between the two events (ETF withdrawal and BTC transfer). It is worth noting that if Trump Media’s ETF were approved and launched, its own Bitcoin holdings could become underlying assets for the ETF, making this route no longer applicable after the withdrawal; however, this inference currently has no official confirmation.
What is the connection between the 756 million Cronos tokens held by Trump Media and its BTC transfer to Crypto.com?
Based on disclosed documents, Trump Media holds about 756 million Cronos (CRO) tokens, which are Crypto.com’s native tokens and are related to cooperation agreements between Trump Media and Crypto.com. Trump Media chose Crypto.com as the target exchange for the BTC transfer, which may be related to the existing cooperation relationship between the two parties rather than simply a random choice of exchange. However, the specific cooperation agreement terms and the background for holding Cronos tokens have not been disclosed in detail in public filings, and the current estimated value of the CRO token holdings has not been listed separately in the Q1 financial report.
