Key Takeaways
A wallet linked to Trump Media & Technology Group (TMTG) moved 2,650 Bitcoin, worth roughly $205 million, to cryptocurrency exchange Crypto.com on May 22, according to on-chain analytics firm Lookonchain. The large transfer has fueled speculation about a potential sale as the company's crypto treasury remains significantly below its initial cost basis.
"The deposit marks the second major outflow from TMTG’s Bitcoin wallets this year," blockchain analytics firm Lookonchain noted. While exchange deposits do not guarantee a sale, they often precede sell-offs, and a transaction of this size could introduce significant selling pressure into the market.
The transfer leaves the address with a balance of 6,889 BTC, valued at approximately $533 million. TMTG originally accumulated 11,542 BTC at an average price of $118,522 per coin, representing a capital deployment of about $1.37 billion. With Bitcoin trading near $77,700, the total position reflects an unrealized loss of about $455 million, or 34% below the average entry price.
This latest outflow follows a $406 million net loss TMTG reported earlier this month, of which $368.7 million was attributed to unrealized markdowns on digital assets. This is the second time this year the wallet has moved a large quantity of Bitcoin, after transferring 2,000 BTC—worth about $175 million at the time—four months ago, as detailed in the company's Q1 earnings disclosure. The next on-chain settlement window will provide more clarity on whether the coins were sold or moved for custody.
This article is for informational purposes only and does not constitute investment advice.
