The transfer to Crypto.com and ETF withdrawal deepen scrutiny of Trump Media's crypto strategy as DJT stock slides 52% from highs.
Trump Media & Technology Group (NASDAQ: DJT) transferred another 2,650 Bitcoin (BTC) – worth roughly $205 million – to Crypto.com during late U.S. evening hours, according to blockchain analytics firm Lookonchain. The move comes four months after the company shifted 2,000 Bitcoin valued at about $175 million when BTC traded near $87,378.
With Bitcoin now at $77,341, Trump Media’s total 11,542 Bitcoin purchased for $1.37 billion at an average price of $118,522 per coin sit in an unrealized loss of $455 million.
The transfer deepens scrutiny of a cryptocurrency strategy that has already produced a first-quarter net loss of $405.9 million on just $871,200 in revenue, widening from a $31.7 million loss a year earlier.
A large deposit to an exchange usually signals an intent to sell or to use the coins as collateral. Trump Media has not stated a specific purpose for the $205 million movement. The earlier 2,000 BTC transfer in December 2025 also went to Crypto.com, and no corresponding sale was publicly recorded at the time.
The company withdrew its application for a spot Bitcoin ETF just days before the latest transfer. ETF analysts told Benzinga the decision appeared driven by deteriorating economics across the spot Bitcoin ETF sector, not regulatory concerns.
Trump Media’s aggressive cryptocurrency positioning has put pressure on its balance sheet. The $455 million unrealized loss is larger than the company’s total market capitalisation at current stock levels.
The sequence of events suggests a pattern of capital reallocation.
Each transfer coincided with Bitcoin trading lower than the previous one, and the ETF withdrawal removed a vehicle that could have generated fee income or allowed passive Bitcoin exposure without direct sales.
The decision to drop the ETF application removes a potential revenue stream. Spot Bitcoin ETFs typically charge management fees of 0.2% to 1.5%. Without that vehicle, Trump Media retains only its direct Bitcoin holdings and a struggling social media business.
Analysts interpreted the withdrawal as a cost-saving measure for a company that reported a $405.9 million net loss in the first quarter. The shift to direct transfers suggests the company may be prioritizing cash access over long-term crypto positioning.
Trump Media’s first-quarter revenue of $871,200 is tiny relative to the size of its Bitcoin position. The unrealized loss alone is more than 500x quarterly revenue. The company had previously reported a net loss of $31.7 million in the year-ago quarter, making the latest loss a 12x increase.
Bitcoin fell from $87,378 at the time of the first transfer to $77,341 for the second, a decline of about 11.5%. If Bitcoin drops further, the unrealized loss expands. Trump Media’s average acquisition price of $118,522 is roughly 35% above the current price. A slide to $60,000 would push the loss above $700 million.
DJT stock trades at $8.10, up 1.89% on the session but down over 52% from February’s $17 highs. The descending channel from February remains intact and accelerating lower.
The moving average configuration is uniformly bearish:
| Metric | Level |
|---|---|
| 20 EMA | $8.71 |
| 50 EMA | $9.35 |
| 100 EMA | $10.48 |
| 200 EMA | $13.03 |
All EMAs are declining. The SAR sits at $8.42, above current price, confirming the trend remains bearish.
Invalidation of the bearish case requires a daily close above $9.35.
Today’s bounce at $7.90 – $8.00 support is the only near-term bullish signal. A break below that level would accelerate selling pressure, especially with the stock trading below every key moving average.
The bearish outlook on DJT stock is tied directly to the Bitcoin position and the company’s cash burn. A reversal of the descending channel requires either:
None of these conditions is present. The ETF withdrawal removed a potential tailwind. The transfers to Crypto.com introduce execution risk if the company does sell into a falling market.
Trump Media’s Bitcoin position is a net drag on the balance sheet, not a strategic asset. The $205 million transfer to Crypto.com raises the probability of a forced or semi-forced liquidation. DJT stock offers a speculative short-side opportunity as long as the descending channel remains intact, with the $7.90 – $8.00 support level as the key line to watch. A daily close below that zone targets $5-$6. The bullish case requires a confirmed break above $9.35 – an event that would need either a Bitcoin price recovery or a fundamental shift in company operations.
For broader crypto market analysis, the transfer adds to the supply-side uncertainty around Bitcoin, though the volume is small relative to total daily exchange flows. Readers tracking the trade should bookmark the Bitcoin (BTC) profile for live price data.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.