Trump Media & Technology Group (TMTG), the company behind social media platform Truth Social, has denied claims that it sold $165 million worth of Bitcoin after blockchain data showed 2,628 Bitcoin (BTC) were transferred to the Crypto.com platform on Saturday.
The clarification came after speculation among market watchers after the transaction was spotted by blockchain analysis firm Lookonchain.
According to a Trump Media spokesperson, the Bitcoin was simply transferred to Crypto.com and not sold.
The clarification is in line with the company's actions in May when a similar transfer of digital assets was also made without any sales transaction.
The blockchain data only shows the new location of the assets being stored, but it does not prove that the Bitcoin has been released on the market.
Crypto.com is one of the digital asset custodian institutions that Trump Media has chosen to support the company's Bitcoin reserve strategy since May 2025, in addition to Anchorage Digital.
The move allows companies to manage and store their Bitcoin holdings through a recognized service provider.
After the transaction, the wallet associated with Trump Media still holds approximately 4,261 BTC, which is estimated to be worth $268 million at current prices.
That amount is close to the 4,260.73 BTC reported as collateral for the company’s convertible notes as of March 31, 2026.
In its first-quarter 2026 financial report, Trump Media stated that the Bitcoin collateral cannot be transferred or distributed until the financing conditions are met, with the restriction expected to end no later than May 29, 2028.
In addition to storing digital assets, Trump Media’s relationship with Crypto.com also includes several other initiatives, including the development of cryptocurrency-related products and a token reward plan for shareholders.
The company previously withdrew its application to launch a Bitcoin ETF and a Bitcoin and Ethereum ETF that it submitted in May.
In a separate development, Trump Media also made headlines after introducing its Truth API service, which offers early access to content from high-profile users, including President Donald Trump, for a subscription fee of up to
$100,000 per month.
The service has drawn criticism from some US politicians who claim it could raise issues of abuse of power and possible violations of insider trading laws.
