Trump Media moves $165M in bitcoin — remaining stash may just cover loan collateral

Wallets linked to Trump Media, the parent company of Truth Social, now hold roughly the same amount of bitcoin as the company previously pledged as loan collateral — following a $165 million BTC transfer to Crypto.com. It remains unclear whether the transactions represent custody moves or outright sales. The company's next quarterly filing (10-Q) will be the key test of what actually happened.