Trump Media Sends $344M in Bitcoin to Crypto.com as TRUMP Plunges: How Are His Crypto Ventures Performing?

Trump Media’s decision to move $344 million worth of Bitcoin to Crypto.com has raised questions about a potential liquidation, particularly as the company faces a $1 billion convertible-note repayment deadline on November 30.

Concerns surrounding Trump’s crypto businesses intensified after Trump Media transferred 4,259 BTC from wallets associated with its convertible-note collateral to a Crypto.com-linked address. The holdings were worth approximately $344 million at the time of the transfer, which occurred one day after the TRUMP memecoin established a new record low.

Blockchain analytics platform Lookonchain first highlighted the movement at 03:00 UTC. Transaction records show that the Bitcoin was transferred in two batches of 2,140.04 BTC and 2,119.31 BTC. Both transactions were confirmed in block 974,613 at 02:17 UTC.

The latest development adds to the pressure on Trump-associated assets. After Democrats made gains in Tuesday’s U.S. midterm elections, the TRUMP token, World Liberty Financial’s WLFI and Trump Media shares all moved lower. Bitcoin, meanwhile, recovered above $80,000.

The transfer has prompted investors to question whether Trump-linked businesses are preparing to sell their Bitcoin reserves. However, while blockchain records reveal where the funds moved, they cannot confirm what happened after the deposit.

Is Trump Media Preparing to Sell Its Bitcoin?

The amount transferred is particularly noteworthy. According to Trump Media’s second-quarter 10-Q filing, the company had 4,260.73 BTC pledged as collateral for its convertible notes. Restrictions on those assets are expected to expire “no later than” May 29, 2028.

The two latest transactions involved 4,259.35 BTC, almost matching the entire collateralized Bitcoin balance. Both wallets that sent the funds are now empty.

The receiving wallet has also appeared in previous Trump Media transactions. The Crypto.com-associated deposit address, 34jvUbzJ…yMy, received 2,649.9 BTC on May 22 and another 2,628.3 BTC on August 1. In each instance, the Bitcoin was transferred into a consolidated wallet containing approximately 17,330 BTC from different users.

Such consolidation makes it impossible to determine from public blockchain records whether the assets were sold, used for lending or simply stored by the exchange. Trump Media has not released an official explanation for the latest movement.

The timing is particularly important because of the company’s upcoming financial obligation. A registration statement filed on November 2 disclosed that holders of its $1 billion convertible notes could exercise their right to demand a cash repurchase on November 30, 2026. Trump Media acknowledged that it “could be required to pay up to approximately $1.0 billion”.

The filing also identifies potential funding methods, including the possibility of selling Bitcoin and other digital assets to finance the repayments. At approximately $80,600 per BTC, the recently transferred holdings are worth roughly one-third of the potential $1 billion obligation.

Trump Media’s Bitcoin position has also contracted over the past several months. Its reported holdings stood at 9,477.16 BTC on June 30, compared with 9,542.16 BTC at the end of 2025. The company additionally recorded a $360.6 million loss on its digital asset holdings during the first half of the year.

Is Eric Trump’s American Bitcoin Also Reducing Its Holdings?

Unlike Trump Media, American Bitcoin, the mining company co-founded by Eric Trump, has continued expanding its Bitcoin reserve.

In a November 4 update, the company reported approximately 8,427 BTC in its treasury at the end of September, up from 8,002 BTC in June.

American Bitcoin mined approximately 891 BTC during the third quarter but retained only around 425 BTC. The company explained that it sold part of its mining output to meet operating expenses. This points to routine operational selling rather than an attempt to exit its Bitcoin treasury position.

How Are Trump-Linked Crypto Ventures Performing?

The majority of Trump-associated publicly traded and tradable crypto assets are struggling near record or multi-month lows. USD1 remains the main exception, maintaining its dollar peg.

Token prices reflect Binance data at 09:00 UTC on Thursday, while CoinGecko provides historical peaks and USD1 supply figures. Stock prices are based on Wednesday’s Nasdaq closing session.

The TRUMP memecoin has suffered the largest decline. Its price plunged from $1.396 to $1.219, establishing a new all-time low within approximately one hour on Wednesday. The token is now down 98.3% from its January 2025 high of $73.43.

Trump Media shares also remain under pressure. The stock finished Wednesday’s session at $4.49, narrowly above its 52-week low of $4.46. Beyond the convertible-note repayment deadline, the company is pursuing an all-stock merger with fusion energy developer TAE Technologies. Shareholders are scheduled to vote on the proposed transaction at a special meeting on December 14.

American Bitcoin has reported comparatively stronger financial results. Its third-quarter net income reached approximately $126 million, supported largely by a $197 million gain on its Bitcoin holdings. Nevertheless, the company’s shares have declined 26% over the past month.

USD1 continues to provide relative stability within the Trump crypto ecosystem. The stablecoin is trading at its $1 target price, with approximately $3.70 billion in circulation.

TRUMP Price Analysis: Is Further Downside Possible?

The TRUMP token was trading near $1.26 on Thursday morning, significantly below its 20-day EMA of $1.63 and 50-day EMA of $1.78. Its latest record low of $1.219 leaves the token without an established historical support level beneath that price.

A sustained recovery would likely require fresh buying interest and renewed confidence in Trump-associated digital assets following the midterm election results.

Meanwhile, traders are paying close attention to further movements in Trump Media’s Bitcoin wallets. Additional transfers to the same Crypto.com-linked address before the November 30 repayment deadline could strengthen speculation about a potential liquidation.

Until the company clarifies the purpose of the $344 million transfer, uncertainty surrounding its Bitcoin strategy and broader Trump-linked crypto ventures is likely to remain a source of market pressure.