Trump Media shifted $205 million in bitcoin holdings but refrained from selling amid increasing crypto losses.

Trump Media & Technology Group is facing renewed scrutiny over its bitcoin strategy as deepening unrealized losses and widening financial deficits weigh on its outlook.

The company recently shifted 2,650 BTC—valued at around $205 million—to Crypto.com, according to blockchain data tracked by Lookonchain. The transfer, executed during late U.S. hours, marks another significant movement of its digital asset reserves.

Although transfers to centralized exchanges often raise concerns about potential selling pressure, the company clarified that no sale occurred. A spokesperson told CoinDesk the move was part of a broader trading strategy rather than a liquidation of holdings.

Trump Media initially accumulated 11,542 BTC at a total cost of roughly $1.37 billion, implying an average purchase price of $118,522 per coin. The latest transfer follows a similar transaction about four months earlier, when 2,000 BTC—then worth approximately $175 million—were moved as bitcoin traded near $87,000.

With bitcoin now hovering closer to $77,000, the company is estimated to be sitting on roughly $455 million in unrealized losses, reflecting the gap between its acquisition cost and current market value.

The transfer comes shortly after Trump Media withdrew its application for a spot bitcoin ETF, adding to uncertainty around its long-term crypto strategy. Analysts suggested the move was likely driven by weakening economics in the ETF space rather than regulatory challenges.

Meanwhile, the company’s financial performance continues to deteriorate. In May, Trump Media reported a first-quarter net loss of $405.9 million on revenue of just $871,200—marking a sharp increase from the $31.7 million loss reported during the same period last year.

Update (May 22, 20:14 UTC): Includes confirmation from a company spokesperson that the bitcoin transfer did not involve a sale.