Trump Media’s $344 million Bitcoin transfer to Crypto.com has triggered speculation about a possible sell-off as the company approaches a $1 billion convertible-note repayment deadline later this month.

Trump-related crypto ventures faced fresh scrutiny after Trump Media moved 4,259 BTC, valued at approximately $344 million, from wallets holding its convertible-note collateral to a Crypto.com-linked address. The transfer followed a day after the TRUMP memecoin hit a new all-time low.

Blockchain analytics platform Lookonchain flagged the transaction at 03:00 UTC. Onchain records show that the funds were split into two transfers of 2,140.04 BTC and 2,119.31 BTC, both confirmed in block 974,613 at 02:17 UTC.

The move comes as Trump-associated assets struggle to recover. Following the Democrats’ gains in Tuesday’s U.S. midterm elections, the TRUMP token, World Liberty Financial’s WLFI and Trump Media shares declined, even as Bitcoin rebounded above $80,000.

Market participants are now questioning whether Trump-linked companies are liquidating their Bitcoin holdings. Although blockchain data provides clues, it does not establish whether the assets have been sold.

Is Trump Media Selling Its Bitcoin?

The size of the transfer has drawn particular attention. Trump Media’s second-quarter 10-Q filing disclosed that 4,260.73 BTC were pledged as collateral for its convertible notes, with restrictions expected to be lifted “no later than” May 29, 2028. Thursday’s transactions amounted to 4,259.35 BTC, leaving both sending wallets empty.

The receiving address has also been involved in earlier transfers. The same Crypto.com-linked deposit address, 34jvUbzJ…yMy, received 2,649.9 BTC from Trump Media wallets on May 22 and another 2,628.3 BTC on August 1. Both transfers were subsequently consolidated into a large wallet holding approximately 17,330 BTC belonging to multiple users.

Once Bitcoin enters a pooled exchange wallet, blockchain records cannot reveal whether the assets were sold, lent or retained in custody. Trump Media has not provided an explanation for Thursday’s transaction, but its timing has become a key concern for traders.

A registration statement filed on November 2 revealed that holders of Trump Media’s $1 billion convertible notes could demand a cash repurchase on November 30, 2026. The filing warned that the company “could be required to pay up to approximately $1.0 billion”.

The same document identifies several possible funding sources, including the option to “sell our bitcoin or other digital asset holdings to fund such repurchases.” With Bitcoin trading near $80,600, the transferred 4,259 BTC represent approximately one-third of the potential repayment obligation.

Trump Media’s Bitcoin holdings had already declined before the latest transaction. The company reported 9,477.16 BTC on June 30, compared with 9,542.16 BTC at the end of 2025. It also recorded a $360.6 million loss on its digital asset portfolio during the first half of the year.

Is Another Trump-Linked Crypto Business Selling Bitcoin?

American Bitcoin, the mining firm co-founded by Eric Trump, is increasing its Bitcoin reserves instead of reducing them. In its November 4 update, the company disclosed that its holdings reached approximately 8,427 BTC at the end of September, rising from 8,002 BTC in June.

The company mined roughly 891 BTC during the third quarter but retained only around 425 BTC. It stated that it “sold a portion of Bitcoin production to cover operating costs.” This suggests that the sales were intended to support operational expenses rather than signal a broader treasury exit.

How Are Trump’s Crypto Ventures Performing?

Most publicly traded and tradable Trump-linked crypto assets are trading near their lowest levels, while USD1 remains the notable exception.

Token prices are based on Binance data recorded at 09:00 UTC on Thursday. Peak prices and USD1 circulation figures are sourced from CoinGecko, while stock prices reflect Wednesday’s Nasdaq closing session.

The TRUMP memecoin has experienced the most severe decline. Its price dropped from $1.396 to a record low of $1.219 within an hour on Wednesday, between 17:00 UTC and 18:00 UTC. The token is now approximately 98.3% below its January 2025 peak of $73.43.

Trump Media shares closed Wednesday at $4.49, slightly above their 52-week low of $4.46. The company is also seeking shareholder approval for an all-stock merger with fusion energy firm TAE Technologies, with a special meeting scheduled for December 14.

American Bitcoin’s earnings have been stronger than its stock performance. The company reported approximately $126 million in third-quarter net income, largely driven by a $197 million gain on its Bitcoin holdings. Despite the results, its shares have fallen 26% over the past month.

USD1 continues to maintain its $1 peg, making it the most resilient asset among Trump’s crypto ventures. Its circulating supply stands at approximately $3.70 billion.

TRUMP Price Analysis: Can the Token Establish a Support Level?

TRUMP was trading around $1.26 on Thursday morning, well below its 20-day exponential moving average (EMA) of $1.63 and its 50-day EMA of $1.78. Wednesday’s $1.219 low marks the token’s lowest price on record, leaving no previous trading levels below it to establish historical support.

A potential rebound would depend on renewed investor interest in Trump-branded crypto assets following the election results.

For now, traders are watching onchain activity for additional clues. Further Bitcoin transfers from Trump Media wallets to the same Crypto.com-linked address before the November 30 repayment deadline could reinforce concerns about potential asset sales and keep market sentiment surrounding Trump’s crypto ventures bearish.