Trump Media’s remaining bitcoin holdings may now consist almost entirely of collateral-backed assets after wallets connected to the Truth Social parent company transferred $165 million worth of BTC to Crypto.com.

The company’s next quarterly filing will be closely watched for confirmation of whether the recent transfers were simple custody movements or actual bitcoin disposals.

Arkham data shows that Trump Media-linked wallets moved 2,628 BTC in two transactions on Saturday, with the coins valued at roughly $165 million at the time of transfer.

Following the movement, the identified wallets held about 4,261 BTC, worth approximately $268 million based on bitcoin’s price near $63,000. That figure closely matches the 4,260.73 BTC Trump Media reported as being pledged against convertible notes in its first-quarter filing. The collateralized bitcoin was restricted from transfer or withdrawal until the notes mature, with the latest maturity date set for May 29, 2028.

Trump Media has not confirmed that the remaining wallet balance represents the pledged collateral, and blockchain tracking may not capture every bitcoin owned by the company. However, the similar amounts have raised speculation that the company may no longer hold a separate pool of freely available BTC.

The company did not provide a comment on the transfers or collateral status when contacted outside U.S. business hours on Monday.

This is not the first major bitcoin movement involving Trump Media-linked wallets. In May, the company transferred 2,650 BTC worth around $205 million to Crypto.com while bitcoin traded near $77,341. At the time, its unrealized bitcoin losses were estimated at approximately $455 million. In January, another transfer moved 2,000 BTC valued at about $175 million when bitcoin was priced around $87,378.

Regardless of whether the latest transaction was for custody purposes or a sale, the company’s bitcoin balance has been steadily declining since December.

Trump Media originally acquired 11,542 BTC for approximately $1.37 billion at an average purchase price of $118,522 per bitcoin, close to the market peak of the previous cycle. Since then, wallets associated with the company have moved 7,281 BTC.

Blockchain analytics firm Lookonchain classified the transfers as sales, estimating the bitcoin was sold at an average price of $74,855 per coin. Based on those figures, the company may have realized losses of about $318 million on sold bitcoin, while the remaining holdings represent an estimated unrealized loss of roughly $237 million.

The decline in Trump Media’s bitcoin treasury has been notable compared with its business performance. The company reported a first-quarter net loss of $405.9 million on revenue of only $871,200, with $368.7 million attributed to markdowns on digital assets and equity investments. Those investments included 756 million Cronos tokens acquired through its Crypto.com partnership, the same platform involved in recent bitcoin transfers.

Crypto.com is one of Trump Media’s two disclosed custodians, alongside Anchorage Digital. A transfer to Crypto.com could reflect a normal custody arrangement, but since the platform also operates an exchange, the transaction could also represent a sale. Blockchain data alone cannot determine the purpose.

The answer is expected in Trump Media’s second-quarter 10-Q filing. A sale would appear as a realized loss on the company’s financial statements, while a custody transfer would not be recorded as an accounting event. The filing will show how the company classified its bitcoin movements since December.