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Trump Media moves 4,259 BTC (~$342M) to Crypto.com ahead of $1B note deadline
Wallets linked to Trump Media sent about 4,259 BTC, worth roughly $342M, to Crypto.com, per Arkham data. The coins came from wallets tagged as collateral for its 2028 convertible notes, weeks before holders can demand up to $1B in cash on Nov. 30. No sale has been confirmed.
Wallets tied to Trump Media & Technology Group (DJT) moved about 4,259 bitcoin, worth roughly $342 million, to a Crypto.com-linked address on November 5, according to Arkham. The move came in two near-equal batches of 2,140.03 BTC and 2,119.31 BTC around 02:17 UTC.
Both batches left wallets labeled "2028 Convertible Notes Collateral." The amount almost exactly matches the 4,260.73 BTC the company pledged against its $1 billion convertible notes. That is about 30% of the roughly 14,139 BTC Trump Media reported as of July 31.
Timing is the key point. In a November 2 SEC filing, the company said noteholders can demand cash repayment on November 30. It warned it may need to refinance, and could sell bitcoin or other digital assets if funding falls short.
A transfer is not proof of a sale. Crypto.com is one of the firm's two bitcoin custodians, along with Anchorage Digital. Trump Media described earlier transfers in May (2,650 BTC, ~$205M) and August (2,628 BTC, ~$165M) as custody or trading management, not sales.
What to watch: any company statement, whether the coins move again on-chain, and the noteholder decision on November 30. Democratic gains in the midterms also raise the odds of congressional probes into Trump-linked crypto ventures.
Source: coindesk.com
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