Wallets linked to Trump Media & Technology Group transferred 2,628 Bitcoin over the weekend, valued at approximately $165 million, effectively clearing the company's previously held active Bitcoin position. According to blockchain data analytics platform Arkham, the relevant wallets moved the Bitcoin to digital asset exchange Crypto.com in two transactions on Saturday. The affiliated addresses still hold about 4,261 Bitcoin, worth roughly $268 million at the current price of around $63,000.

The company's first-quarter earnings report showed that as of March 31, a total of 4,260.73 Bitcoin were pledged as collateral for convertible notes, restricted from distribution or withdrawal until the notes mature on May 29, 2028. While the company did not explicitly state that the remaining balance matches this collateral, and the tagged wallets may not cover all of its holdings, the two figures are currently consistent. Trump Media did not respond to inquiries regarding this transfer or the collateral matter.

The company has been steadily reducing its Bitcoin holdings since December last year. Public records indicate that Trump Media purchased 11,542 Bitcoin at a total cost of approximately $1.37 billion, with an average price of about $118,522 per coin, near the cycle's peak last year. Associated wallets have since transferred out 7,281 Bitcoin. On-chain analysis firm Lookonchain estimates that, based on an average selling price of $74,855, the outflows have resulted in a realized loss of about $318 million, while the remaining holdings carry an unrealized loss of approximately $237 million.

The company's financial condition continues to face pressure. Trump Media reported a net loss of $405.9 million in the first quarter, with revenue of just $871,200. Of that loss, $368.7 million was attributed to impairments from digital assets and equity investments, including 756 million Cronos tokens obtained through a partnership with Crypto.com. Crypto.com is one of two designated custodians for the company, alongside Anchorage Digital. Since Crypto.com also operates an exchange, on-chain data cannot distinguish whether the asset transfer was for custodial purposes or an actual sale. The nature of the transaction will be disclosed in the company's second-quarter 10-Q filing—if it was a sale, it will be reflected as a realized loss on the income statement; if only a custodial transfer, it will not appear in the financial statements.