Key Takeaways
Trump Media & Technology Group (TMTG) moved 2,650 Bitcoin worth approximately $205 million to an address linked to the Crypto.com exchange late on May 21, deepening the unrealized loss on its corporate treasury to nearly $480 million.
The transfer was flagged by on-chain analytics firm Lookonchain and marks the second major outflow from TMTG's known wallets in 2026. While exchange deposits do not always confirm a sale, they are often a precursor to liquidation.
TMTG's Bitcoin position was established between July and August of 2025, with the company acquiring 11,542 BTC for roughly $1.37 billion at an average price of $118,522 per coin. With Bitcoin trading near $77,200 as of May 22, the company's entry point is approximately 35% underwater. The latest transfer follows a similar move four months ago, when 2,000 BTC left company wallets.
The move comes shortly after the company disclosed a $406 million net loss for the first quarter of 2026, a figure that included $368.7 million in unrealized markdowns on digital assets and other securities. The successive outflows suggest TMTG may be actively reducing its exposure to Bitcoin, potentially to offset operational losses or re-evaluate its high-stakes treasury strategy. If the 2,650 BTC are sold, TMTG would fall to become the 17th-largest corporate Bitcoin holder, behind Galaxy Digital.
Trump Media's strategy of using its balance sheet to accumulate Bitcoin mirrored the approach pioneered by MicroStrategy. However, the timing differed significantly. MicroStrategy began its purchases when Bitcoin was trading near $11,000, whereas TMTG initiated its buying near the asset's all-time highs.
The company's Q1 earnings report, which preceded the latest transfer, showed its holdings had already dropped to 9,542 BTC. The new outflow further shrinks the stash to an estimated 6,889 BTC, valued at approximately $534 million. Beyond Bitcoin, TMTG's broader treasury strategy includes 756 million Cronos (CRO) tokens, currently valued at about $2.64 million.
This article is for informational purposes only and does not constitute investment advice.
