Trump Media & Technology Group moved 4,259 Bitcoin to Crypto.com on November 5, on-chain analytics firm Lookonchain reported. The transfer valued at $343.67 million nearly matches the 4,260.73 BTC pledged as collateral for $1 billion in convertible notes disclosed in the company's June 30 filing.
Arkham Intelligence shows Trump Media now holds just over 1 BTC. The company reported 9,477 BTC at June 30, which carried a $1.01 billion cost basis against a $557 million fair value.
Loan terms bar withdrawal of the collateral until conditions are met or May 2028 at the latest. Crypto.com serves as one of two custodians for Trump Media's Bitcoin treasury, so the transfer could represent a custody shift rather than a sale. The company also transferred 2,650 BTC to Crypto.com in May.
Noteholders can demand cash at par on November 30. The convertible notes convert near $34.72 per share, while DJT's Wednesday record low close was $4.49. Trump Media held roughly $425 million in cash and short-term investments at June 30 against approximately $1 billion in notes. If DJT stock remains near record lows, noteholders may prefer cash over shares, which could pressure the BTC collateral.
House Democrats plan to examine Trump family crypto deals and are discussing a crypto bill that would likely add limits on Trump's crypto business.