Trump Media & Technology Group (TMTG) transferred 2,650 Bitcoin to Crypto.com late on May 21. According to Arkham’s on-chain data, the transfer was worth around $205 million at the time. It also marked the company’s second major Bitcoin outflow this year.
The numbers paint a harsh picture. TMTG had purchased 11,542 BTC at an average price of $118,522 per coin, spending roughly $1.37 billion in total. Bitcoin is currently trading around $77,000, about 35% below the company’s entry price. At this level, the unrealized loss on its remaining position is approaching $480 million.
Second Major Outflow
The latest move looks like a repeat of the company’s first major Bitcoin transfer in 2026. Four months ago, TMTG moved 2,000 BTC from its wallets while Bitcoin was trading near $87,380. That transfer was worth around $175 million.
The company’s first-quarter earnings report later confirmed that its reserves had dropped to 9,542 BTC after that transaction. With the latest 2,650 BTC transfer included, its remaining holdings have fallen to around 6,889 BTC. In other words, Truth Social’s parent company has moved more than 4,600 BTC out of its wallets in 2026 alone.
A transfer to an exchange does not always mean a sale. The company could be moving assets for other operational reasons. Still, given the documented loss figures and repeated outflows, questions around what TMTG plans to do with this Bitcoin position remain open.
Quarterly Report Added More Pressure
The company’s first-quarter 2026 results, released earlier in May, had already drawn attention. TMTG reported a net loss of $405.9 million and an adjusted EBITDA loss of $387.8 million.
A large part of that loss came from a $368.7 million item tied to unrealized losses on digital assets and equity securities. According to the company’s own statement, most of these losses were non-cash in nature.
There were a few stronger points in the report. TMTG still held $2.1 billion in financial assets and generated $17.9 million in positive operating cash flow. Even so, the roughly $480 million unrealized Bitcoin loss remains a major issue on the balance sheet.
The Portfolio Includes More Than Bitcoin
TMTG’s crypto treasury is not limited to Bitcoin. The company also holds 756 million Cronos (CRO), the native token of Crypto.com. That position is currently worth around $2.64 million. Compared with the Bitcoin position, however, it remains largely symbolic.
Trump Media’s crypto strategy has been controversial from the beginning. When the company invested around $1.37 billion in Bitcoin, it was framed as a strong institutional confidence signal. Now, with two major transfers and a deep paper loss, the sustainability of that strategy is coming under closer scrutiny.
A transfer to an exchange may not directly indicate a sale. But the shrinking Bitcoin balance and heavy first-quarter financial results are enough to raise questions about where TMTG’s treasury strategy goes from here. At Bitcoin’s current price levels, the company’s next move will be closely watched.
