Trump Media transferred 2,650 bitcoin worth roughly 205 million USD to the crypto exchange Crypto.com. The remaining bitcoin holdings of 6,889 BTC now sit around 34% below the average cost basis of 108,519 USD per BTC.
Trump Media & Technology Group is the publicly listed US media company behind the social media platform Truth Social, traded on Nasdaq under the ticker DJT. Its core business consists of digital content and platform monetisation. Truth Social generated less than 1 million USD in revenue during the first quarter of 2026, accounting for only a fraction of group results. In May 2025, the company announced a bitcoin treasury strategy, financed through a share and convertible note placement of roughly 2.3 billion USD. Starting in July 2025, the firm initially acquired 11,542 BTC at an average price of 108,519 USD per coin, equivalent to a cost basis of around 1.24 billion USD. The company has now entered liquidation mode. CVJ.CH confirmed the recent transfer through on-chain data on Arkham Intelligence. However, the purpose of the transfer, whether sale, OTC deal or collateral posting, remains officially undisclosed.
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Trump Media bitcoin holdings shrink to 6,889 BTC
Of the original 11,542 BTC, only 6,889 BTC remain after two major movements. The company first sold around 2,000 BTC at the end of February 2026 at a price just below 70,000 USD per coin, yielding proceeds of approximately 174 million USD. Later, the second and larger transfer followed: 2,650 BTC worth around 205 million USD moved to a Crypto.com address. The residual position therefore carries a market value of roughly 532.78 million USD. In the Q1 report as of 31 March 2026, by contrast, the group still reported 9,542 BTC with a market value of 647.1 million USD. The difference stems from the most recent movements.
The structure of these holdings further narrows the freely available share. According to the Q1 report, 4,260.73 BTC serve as collateral for outstanding convertible notes. Additionally, the group wrote covered-call options on another 4,000 BTC with a counterparty to hedge volatility. As a result, the economically unencumbered position stands in the low four-digit BTC range. Consequently, the room for further treasury moves without touching the collateral structure remains tightly limited. Notably, the latest transfer reduces the freely disposable share even further.
Q1 loss of 405 million USD driven by crypto markdowns
In the first quarter of 2026, Trump Media booked a net loss of 405.9 million USD, compared to 31.7 million USD in the prior-year quarter. Roughly 244 million USD of that figure stemmed from unrealised losses on crypto holdings, with a further 108.2 million USD tied to equity investments. The operating business, in contrast, contributed almost nothing: Truth Social generated 871,200 USD in revenue, up 6% year-over-year. Operating cash flow remained positive at 17.9 million USD. Nevertheless, crypto markdowns clearly dominate the income statement.
The average cost basis of 108,519 USD per BTC meets a current market price of 78,000 USD. As a result, the remaining position carries an unrealised book loss of around 280 million USD against its cost basis. Moreover, the company had already reported a full-year 2025 net loss of 712.3 million USD, of which 605.5 million USD fell in the fourth quarter of 2025 alone. Therefore, losses across the two most recently reported quarters total more than 1 billion USD. The balance sheet pressure stems almost entirely from the treasury strategy, not from the operating business.
In addition, Trump Media holds 756 million CRO tokens from the Crypto.com ecosystem as a second crypto component. As of 31 March 2026, those holdings were worth around 53 million USD, against a cost basis of 113.9 million USD. Overall, the group's total assets at quarter end stood at roughly 2.1 to 2.2 billion USD, with crypto assets accounting for the largest single line item.
Strategy divergence: Strategy buys, Trump Media sells
The contrast with the direct comparable is stark. Strategy, formerly MicroStrategy, currently holds 818,334 BTC at a cumulative cost basis of 61.81 billion USD and an average price of 75,537 USD per coin. That entry point sits roughly 33,000 USD below Trump Media's. Furthermore, the firm has added another 90,000 BTC since the start of 2026, while Trump Media has been winding down holdings over the same period. In total, Strategy controls 65.6% of all bitcoin held by publicly listed companies worldwide.
The funding model also differs fundamentally. Strategy relies on continuous debt issuance through convertible notes and share sales. Trump Media, by contrast, financed its bitcoin purchases through a single 2.3 billion USD placement in 2025. Meanwhile, more than 140 publicly traded companies now collectively hold around 1.16 million BTC. With 6,889 BTC, Trump Media has slipped below Tesla, which still holds roughly 11,000 BTC after divesting 75% of its position in the second quarter of 2022. Consequently, the company continues to drop down the ranks of corporate holders.
CEO change and price decline at DJT
The bitcoin movements coincide with a period of deep leadership upheaval. In April 2026, Devin Nunes stepped down as CEO, officially to take over the chairmanship of Donald Trump's Intelligence Advisory Board. Kevin McGurn, previously in senior roles at Hulu, Vevo and NBCUniversal, took over as interim CEO. Earlier, in March 2026, former US Trade Representative Robert Lighthizer had already left the board of directors. Thus, the board lost two prominent members from the administration's political orbit within a matter of weeks.
At the same time, the share price has weakened considerably. At the time of the CEO change, DJT traded at 9.78 USD. Compared to its 2022 peak of 97.54 USD, that represents a decline of roughly 90%. In the twelve months leading up to April 2026 alone, the stock lost 58%. Market capitalisation now stands at around 2.2 billion USD, while cumulative net losses since the 2024 IPO have crossed 1 billion USD.
Political ambivalence of the bitcoin treasury strategy
Trump Media originally framed the strategy in political terms as well: the bitcoin treasury announced in May 2025 was meant to shield the company from "debanking and political discrimination". At the same time, the Trump administration adopted a pronounced pro-crypto stance throughout 2026, including plans for a national bitcoin reserve. Unlike Strategy, however, the group avoided ongoing debt issuance and relied on a one-off share and note placement. Therefore, it lacks the flexibility to buy counter-cyclically in falling markets.
The timing of the purchases still looks unfavourable. Bitcoin reached a peak of roughly 126,000 USD in October 2025, fell to around 60,000 USD by early February 2026 and currently trades at 78,000 USD. Trump Media's average purchase price of 108,519 USD therefore landed close to the previous peak. Whether further transfers follow ultimately depends on how the new management around Kevin McGurn positions the remaining stake.
