Trump Media moves another 2,628 BTC to Crypto.com

[Update 05:30 UTC, Aug. 11: This article has been updated to clarify that transfers of Bitcoin to Crypto.com did not establish that the assets were sold and that the 4,261 BTC shown in Arkham-tracked wallets did not represent Trump Media’s total holdings.]

Trump Media & Technology Group, the company behind Truth Social, has made another Bitcoin transfer to Crypto.com, extending a series of recent movements involving wallets linked to the company.

The company moved 2,628 Bitcoin (BTC) worth about $165 million to Crypto.com, according to blockchain analytics platform Lookonchain, citing data from Arkham.

Lookonchain said Trump Media bought 11,542 BTC at an average price of $118,522 before a series of transfers from wallets linked to the company over the following seven months.

The Bitcoin transfers come as Trump-linked crypto ventures face broader scrutiny, with lawmakers debating the Digital Asset Market Clarity (CLARITY) Act and questions around ethics and digital asset ownership.

Trump Media’s Bitcoin holdings

Lookonchain monitoring suggests that wallets linked to Trump Media moved a total of 7,281 BTC over the past seven months.

Over the same period, the Nasdaq-traded DJT-ticker shares have lost more than 25% of their value, closing Friday at $9.86 apiece, according to Yahoo Finance data.

According to Arkham, wallets it attributed to Trump Media held 4,261 BTC at publishing time, worth $269.8 million. That balance did not represent the company’s total Bitcoin holdings.

Trump Media subsequently disclosed in its second-quarter filing that it held approximately 14,139 BTC, including pledged Bitcoin, as of July 31. The filing also shows that some of the company’s Bitcoin is pledged or deployed through collateral, options and other arrangements.

Source: Arkham

Arkham’s wallet data showed two recent transfers from Trump Media-linked wallets to Crypto.com, including one transaction of 2,429 BTC and another of 198.9 BTC.

The latest transfers follow two earlier Bitcoin movements to Crypto.com recorded on May 22, when Trump Media-linked wallets transferred a combined 2,650 BTC worth about $205 million.

Trump-linked crypto interests face ethics scrutiny

The Bitcoin transfers come as lawmakers debate the CLARITY Act, which has drawn scrutiny over ethics rules, digital asset ownership and potential conflicts of interest involving public officials, including concerns raised by critics about US President Donald Trump’s crypto ventures.

Critics have pointed to Trump-linked crypto ventures, including the Official Trump (TRUMP) and Melania (MELANIA) memecoins, as well as World Liberty Financial’s WLFI governance token and USD1 stablecoin, in discussions over the overlap between political influence and private crypto interests.

Related: Senator Schumer proposes agency to address corruption, including Trump’s crypto ventures

Recent CLARITY Act discussions have focused on tightening ethics provisions, including rules around officials issuing or sponsoring digital assets, but the legislation remains under consideration and does not require companies to sell existing crypto holdings.

The transactions came amid Trump Media launching its new paid data service “Truth API,” providing faster access to Truth Social posts from President Trump. The service reportedly costs as much as $100,000 per month, giving companies a “direct, licensed, real-time feed of the platform’s most market-moving Truths.”

Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reach