Trump Media transferred 2,628 Bitcoin worth $165 million to Crypto.com

Two wallets allegedly belonging to Trump Media and Technology Group transferred a total of 2,628 Bitcoin, worth approximately $165 million, to a Crypto.com trading address named 34jvU.

8/4/20265 min read

Two wallets, one destination

Arkham Intelligence's transfer history, shown in the shared image, documents the entire flow of funds out of wallet addresses allegedly belonging to Trump Media to Crypto.com, with the two most recent transactions, highlighted in orange, dating back to August 2nd. The transfer of 2,429 BTC worth $152.58 million from the bc1qc wallet and the simultaneous transfer of 198,964 BTC worth $12.5 million from the bc1qx wallet represent two transfers totaling 2,628 BTC. Both transactions were received at the Crypto.com address 34jvU, the same address that received previous Bitcoin transfers from Trump Media recorded in historical records shown on the same Arkham page: a transfer of 2,201 BTC worth $170.18 million and a transfer of 449 BTC worth $34.75 million, each made approximately two months prior, along with a series of smaller transfers of 0.789 BTC and 0.456 BTC from wallets identified as "Trump Media: 2028 Convertib..." relating to convertible bond instruments collateralized by a portion of the Bitcoin held.

The presence of "Trump Media: 2028 Convertib..." as a labeled sending wallet in the older transfer history is analytically significant. Trump Media's own quarterly report shows 4,260.73 BTC collateralized for convertible bonds, with restrictions lifted no later than the maturity date of May 29, 2028. The transfers from the convertible bond wallet label suggest at least some Bitcoin transactions involved the operational management of collateral positions backing the 2028 convertible instruments, rather than simply selling Treasury bonds at their sole discretion. This creates a layer of structural obligation within the transfer activity that goes beyond simple portfolio rebalancing decisions.

Buying Bitcoin at its peak value of $1.37 billion.

The story of Trump Media's Bitcoin hoarding is one of the most accurately documented instances of buying Bitcoin at its peak in the history of corporate finance management. The company accumulated 11,542 BTC between July and September 2025, a period when Bitcoin was trading near its all-time high in October 2025, above $126,000, averaging around $118,522 per coin. The total investment of $1.37 billion was funded through the issuance of shares and the sale of convertible bonds, effectively converting access to the equity and debt markets into an investment in Bitcoin at the market's highest valuation ever.

The commercial logic of the purchase timing reflected the expectation expressed in the company's Bitcoin financial management strategy that the price of Bitcoin would continue to rise, making buying near the peak still justifiable if the uptrend continued. The actual events reversed: Bitcoin peaked around October 2025 and has since fallen to around $63,000 to $65,000, rendering Trump Media's entire Bitcoin holdings a loss-making venture, with any selling transactions representing a real loss compared to the initial purchase price.

The 7,281 BTC sold so far at an average price of approximately $74,855 have generated about $545 million in cash against a cost basis of approximately $863 million, resulting in an actual loss of approximately $318 million on the sold portion. The remaining 4,261 BTC, valued at approximately $269 million, have a cost basis of approximately $505 million at an average price of $118,522, resulting in an unrealized loss of approximately $236 million. The total $318 million in actual loss plus the $236 million in unrealized loss amounts to approximately $555 million, consistent with Lookonchain's published estimates.

A loss of $405 million has been announced.

The company's own quarterly report also confirms that purchase price. The company listed 9,542.16 BTC against a cost basis of $1.13 billion as of March 31, plus 2,000 BTC collateralized by options. Average sell-offs reached $74,855, significantly below the cost basis. Trump Media's Q1 2026 earnings, reported separately, showed a loss of $405.9 million, almost entirely due to unrealized depreciation on cryptocurrency holdings accumulated near peak prices. The $405.9 million figure in Q1 reflects a decrease in book value from the purchase price of $118,522 to the end-of-quarter Bitcoin price, rather than realized trading losses, in line with the FASB's fair value accounting standards which require companies to revalue their digital asset holdings at market value at the end of each quarter.

Trump Media's operating model parallels that of American Bitcoin Corp: both companies accumulated Bitcoin reserves near the market peak of October 2025, both suffered significant losses from the Bitcoin price drop, and both faced the structural question of whether to continue holding throughout the bear market or reduce their positions to limit further capital depletion. American Bitcoin, with its smaller position and different capital structure, maintained its Bitcoin holdings. Trump Media, with its initial $1.37 billion investment and remaining collateralized convertible bond obligations, has been systematically reducing its position.

Assessment and Conclusion

The Bitcoin sell-off occurred the same week the Senate adjourned without passing the CLARITY Act, the central dispute of which concerns ethical provisions restricting high-ranking officials from engaging in personal cryptocurrency business activities. Nansen's report notes that 989,000 buyers of the TRUMP meme cryptocurrency lost $3.81 billion while Trump earned $636 million in royalties. Combined with the story of Trump Media's Bitcoin losses, this creates a two-sided narrative: the president's family's cryptocurrency projects generated significant profits from the issuer of the TRUMP meme, while the company bearing Trump's name suffered losses of over $500 million from its Bitcoin holdings accumulated at the market peak.

The political aspect of Trump's Bitcoin sell-off lies not only in the financial mechanism but also in the consistency of the entire Trump family cryptocurrency narrative: the president has consistently promoted Bitcoin publicly and previously advocated for strategic Bitcoin reserves, while his namesake company has spent the past seven months gradually reducing its Bitcoin holdings at below cost—a clear contradiction in behavior that critics have pointed out, along with the broader discussion of conflicts of interest related to the Trump family's cryptocurrency, which has fueled the ethical debate surrounding the CLARITY Act.

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