Trump Media & Technology Group (NASDAQ: $DJT) has moved to sell 2,650 Bitcoin (CRYPTO: $BTC) worth $205 million as losses on its cryptocurrency holdings reach $455 million U.S.
Trump Media has transferred the Bitcoin to Crypto.com, a move that is widely seen as the company preparing to sell the digital asset.
Trump Media runs the Truth Social platform that is based on X, formerly Twitter. The company bought 11,542 Bitcoin at an average price of $118,522 U.S.
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That holding is now estimated to be down $455 million U.S. as the price of BTC languishes around $77,000 U.S., trading far below the purchase price.
The potential sale of its Bitcoin holdings comes days after Trump Media withdrew its spot BTC exchange-traded fund (ETF) application.
The sale also comes amid financial pressure at the company, which recently reported a first-quarter net loss of -$405.9 million U.S. on only $871,200 U.S. in revenue.
Analysts have said that the withdrawal of the Bitcoin ETF application appears to have been driven less by regulatory concerns and more by deteriorating finances at Trump Media.
U.S. President Donald Trump is behind the Trump Media & Technology Group and has been a big promoter of Bitcoin. But the company’s cryptocurrency bets haven’t paid off, say analysts.
DJT stock has fallen 68% over the last 12 months to trade at $7.95 U.S. per share.