Trump Media transfers $205M bitcoin as unrealized losses hit $455M
In brief
- Trump Media transferred 2,650 BTC to Crypto.com valued at $205 million
- Company faces $455 million in unrealized losses on bitcoin holdings originally purchased for $1.37 billion
- First-quarter net loss widened to $405.9 million on only $871,200 revenue
- Trump Media withdrew its spot bitcoin ETF application recently
Mounting losses on a $1.37 billion bet
Trump Media originally purchased 11,542 BTC for approximately $1.37 billion at an average acquisition price of $118,522 per bitcoin. The company is now estimated to be down roughly $455 million on its bitcoin holdings as bitcoin trades well below that cost basis.
This latest move follows an earlier transfer four months ago, when the company shifted out 2,000 BTC valued at roughly $175 million with bitcoin trading near $87,378. The pattern suggests Trump Media is gradually liquidating portions of its holdings, though the pace and timing of these transfers remain opaque.
Quarterly losses widen dramatically
The cryptocurrency headwinds compound broader financial pressure on the parent company of Truth Social. In May, Trump Media reported a first-quarter net loss of $405.9 million on just $871,200 in revenue, widening sharply from a $31.7 million loss during the same period a year earlier.
The scale of the quarterly deficit underscores the company's dependence on its crypto bet for any near-term narrative momentum.
ETF application withdrawn
Adding to the strategic uncertainty, Trump Media withdrew its application for a spot bitcoin exchange-traded fund in recent weeks. ETF analysts said the decision appeared driven less by structural or regulatory concerns and more by deteriorating economics across the spot bitcoin ETF sector. The withdrawal signals the company may be reassessing its crypto ambitions amid mounting losses and competitive pressure in the ETF space.