Wallets linked to Trump Media & Technology Group sent 4,259 BTC to Crypto.com in two batches on Thursday, according to data from blockchain analytics firm Arkham. The transfers of 2,140.03 BTC and 2,119.31 BTC went out at 02:17 UTC from addresses labeled “2028 Convertible Notes Collateral.” At roughly $80,200 per bitcoin, the coins are worth about $342 million, CoinDesk reported.
The timing draws attention because of those notes. Trump Media’s second-quarter filing listed 4,260.73 BTC as collateral as of June 30. Holders of the 2028 convertible notes can require repayment on November 30, a potential obligation of about $1 billion, and the filing warns that bitcoin may have to be sold if refinancing falls short.
A transfer does not prove a sale. Earlier moves to Crypto.com, about $205 million in May and about $165 million in August, were described by the company as trading or custody activity rather than sales. On-chain analyst EyeOnChain told CoinDesk: “For now, a transfer to an exchange or custodian doesn’t automatically mean the Bitcoin is being sold.” Trump Media did not respond to CoinDesk’s request for comment.
One caveat: CoinDesk’s URL and one passage of its article cite $434 million, while the headline and the bitcoin count point to $342 million. This article uses the figure that matches the on-chain amount. Traders will now watch whether the coins move on from Crypto.com before November 30.
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