
Addresses labeled “2028 convertible bond collateral” are emptying as DJT stock hits an all-time low and Democrats announce investigations into the Trump family's crypto affairs.
AI-generated summary
Trump Media had raised $2.5 billion in May 2025 (1.5 billion in stocks and $1 billion in convertible bonds) to build up a bitcoin treasury. About 2,000 BTC went to Crypto.com in January, 2,650 in May for $205 million, then 2,628 in early August for $165 million. The quarterly report as of June 30 listed 4,260.73 BTC pledged to creditors.
Trunk emptying at Mar-a-Lago. Trump Media & Technology Group wallets sent 4,259 bitcoins to Crypto.com overnight Wednesday-Thursday. The bill is approaching $342 million at the moment. After the 2,650 BTC transferred in May and the 2,628 in August, this time it is the addresses labeled “collateral” which are empty. The DJT stock had hit a historic low the day before.
Trump Media moves 4,259 BTC: convertible collateral goes away
Arkham data relayed by CoinDesk dates the movement to November 5 at 2:17 UTC, in two transactions of 2,140 and 2,119 BTC. The issuing addresses are labeled “2028 Convertible Notes Collateral,” the pledge of the group’s convertible bonds. That is, the bitcoins that Trump Media was supposed to keep under lock and key.
Small reminder of trajectory. Trump Media had raised 2.5 billion dollars in May 2025 (1.5 billion in shares and 1 billion in convertible bonds) to build up a treasury in bitcoins. About 2,000 BTC went to Crypto.com in January, 2,650 in May for $205 million, then 2,628 in early August for $165 million. The quarterly report as of June 30 listed 4,260.73 BTC pledged to creditors, with withdrawals restricted by the issuance contract. Tonight's transfer leaves less than 2 BTC on these addresses.
DJT at historic low and TRUMP at -20%, the dark night of Trump assets
Trump Media's stock lost nearly a quarter of its value on Wednesday and slipped to $4.49, its lowest since its IPO. Forbes puts Donald Trump's personal loss at $168 million on the day alone. The stock has erased more than 90% of its value in five years.
The cause is known to everyone. The Democrats took back the House and the Senate during the midterms on November 3 and several elected officials are already announcing investigations into the Trump family's crypto affairs. The TRUMP token subsequently fell by 20%. At the same time, Bitcoin rose above $80,000 ($80,500 on Thursday at 5:52 a.m. Paris time). The market has digested the blue wave, not the Trump-branded assets.
Custody or sale? Both readings of the transfer to Crypto.com
A sending to an exchange platform does not constitute a sale order. Crypto.com has been the custodian of record for Trump Media since 2025 and its partner for the Truth.Fi ETFs. Moving the coins to your vault may involve collateral management or refinancing convertible bonds. You won't have the answer on the blockchain.
The other reading is less comfortable for shareholders. In May, a spokesperson assured that the group had “transferred, but not sold” its bitcoins, and the August movement was presented as conservation management. This time, CoinDesk got no response. The schedule is heavy: holders of the convertible bonds can demand repayment as early as November 30, for nearly a billion dollars, and the document filed with the SEC on November 2 warns that Trump Media “may have to sell bitcoin or other digital assets” if the refinancing is not enough. If there is a sale, it will appear in an 8-K, not in a post on Truth Social.
AI outlook — possibilities, not facts
Trump Media will have to sell bitcoin or other digital assets to refinance its convertible bonds before November 30.
Likely · Within weeks
An 8-K will be filed with the SEC if a bitcoin sale occurs.
Very likely · Within days

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