Trump Media & Technology Group is coming under increased pressure as its bitcoin strategy continues to generate significant unrealized losses alongside worsening financial results.

The company recently transferred 2,650 BTC—worth roughly $205 million at current prices—to Crypto.com, based on blockchain data highlighted by Lookonchain. The movement, which took place during late U.S. trading hours, represents another sizable shift in its crypto holdings.

While such transfers to exchanges can often signal a potential sell-off, the firm denied that interpretation. In a statement to CoinDesk, a spokesperson said the bitcoin was moved as part of a broader trading approach and not sold.

Trump Media previously acquired 11,542 BTC for approximately $1.37 billion, at an average price of $118,522 per coin. The latest move follows a similar transaction several months ago, when 2,000 BTC—then valued at around $175 million—were transferred while bitcoin traded near $87,000.

With bitcoin now trading closer to $77,000, the company is estimated to be sitting on unrealized losses of about $455 million, underscoring the impact of its high entry price.

The transfer also comes shortly after Trump Media pulled its application for a spot bitcoin ETF, raising fresh doubts about its long-term ambitions in the crypto investment space. Analysts indicated that the decision was likely influenced more by declining profitability in the ETF market than by regulatory hurdles.

At the same time, the company’s core financials remain under strain. In May, Trump Media reported a first-quarter net loss of $405.9 million on revenue of just $871,200—marking a sharp deterioration from the $31.7 million loss recorded a year earlier.

Update (May 22, 20:14 UTC): Clarifies that the bitcoin transfer did not involve any sale, according to a company spokesperson.