Trump Media Moves Another 2,650 BTC ($205M) — Now Down $455M on Its Entire Bitcoin Position

Trump Media has deposited 2,650 BTC worth approximately $205 million into an exchange address, according to on-chain data — the second major outflow from its Bitcoin treasury in four months. The company originally acquired 11,542 BTC at an average cost of $118,522 per coin, a $1.37 billion position built near cycle highs.

The latest move follows a transfer of 2,000 BTC ($175M) at around $87,378 per coin roughly four months ago. Combined, the two outflows total $380 million in disposed holdings, and with Bitcoin trading well below the company's average entry, Trump Media is now sitting on an unrealised and realised loss of approximately $455 million across its full BTC position.

The timing and destination of the deposits are being watched closely by the market. Whether these represent liquidations, custody reshuffling, or collateral moves will determine how bearish the read ultimately…