Trump Media & Technology Group (TMTG) has confirmed the transfer of a portion of its Bitcoin holdings to Crypto.com. While the movement of assets to an exchange wallet sparked speculation about a potential sell-off in the market, the company clarified that it was simply a custodial transfer.
On August 2, The Block reported that a wallet associated with Trump Media sent a total of 2,628 BTC to Crypto.com in two separate transactions. This transfer was valued at approximately 165 million USD based on the prevailing market rates at the time.
Lookonchain, an on-chain analysis firm, suggested a possible sell-off based on the deposits to the exchange. However, it’s important to note that on-chain data alone cannot conclusively confirm actual trading activity.
Trump Media refuted market speculations, stating that Bitcoin was transferred to Crypto.com, but it has not sold any of it.
Following the transfer, the company-related wallet reportedly retained approximately 4,261 BTC. The majority of this remaining balance is designated as collateral for convertible bonds, which contractually restricts any withdrawals or disposals until the maturity date in May 2028.