Trump Media Transfers $205 Million in Bitcoin Amid Financial Struggles
- Trump Media & Technology Group transferred 2,650 bitcoin valued at approximately $205 million to Crypto.com.
- The transfer occurred during late U.S. evening hours, with bitcoin trading around $77,341 per token.
- The company originally purchased a total of 11,542 BTC for about $1.37 billion at an average price of $118,522 each.
- This transfer follows a previous move of 2,000 BTC four months ago, valued at roughly $175 million.
- In May, Trump Media reported a first-quarter net loss of $405.9 million on just $871,200 in revenue.
The recent transfer of bitcoin comes shortly after the company withdrew its application for a spot bitcoin exchange-traded fund, raising concerns about its strategy in the cryptocurrency market.
Despite transferring significant amounts of BTC, the firm clarified it did not sell any holdings as part of its trading strategy amidst rising financial losses totaling over $405 million this quarter.
