Summary
Trump Media & Technology Group sold another 2,628 BTC (~$165M) via transfers to Crypto.com, bringing total sales to 7,281 BTC (~$545M) at an average price of $74,855 — far below the $118,522 average purchase price. The company's remaining 4,261 BTC (~$270M) is pledged against convertible notes with restrictions lifting by May 29, 2028. Separately, Trump Media launched Truth API, a paid feed giving institutional customers faster access to President Trump's Truth Social posts at $100,000/month ($60,000 under 3-year commitment).
Key Facts
- Latest sale: 2,628 BTC (~$165M) via Crypto.com
- Total sales: 7,281 BTC (~$545M) at avg $74,855
- Original purchase: 11,542 BTC (~$1.37B) at avg $118,522
- Estimated total loss: ~$555M (realized + paper)
- Remaining: 4,260.73 BTC pledged against convertible notes (restrictions until May 29, 2028)
- Truth API pricing: $100K/month or $60K/month under 3-year commitment
- Feed covers top 10 Truth Social accounts, delivers posts in milliseconds
- Senators Warren and Schiff requested SEC investigation into potential securities law violations
- Bitcoin trades near $63,471 (~50% below Oct 2025 record of $126,080)
Why It Matters
Trump Media's Bitcoin strategy — buying near the top, selling near the bottom, and pledging the remainder against debt — is a case study in corporate treasury mismanagement. The $555M loss is material for a company that booked only $871,200 in Q1 revenue. The Truth API launch raises novel securities law questions: if a president's social media posts move markets, and a company he controls sells faster access to those posts, does that constitute insider trading or an unregistered securities offering? The Warren-Schiff letter to the SEC ensures this question will receive regulatory attention.