Key highlights:

  • Trump Media moved 2,628 BTC worth $165 million to Crypto.com
  • The company said the transfer was not a Bitcoin sale
  • The transfers came as lawmakers continue their conversation on ethics rules

BTC dump rumors spread in the crypto market over the weekend after blockchain trackers spotted a large Bitcoin transfer linked to Trump Media.

Lookonchain highlighted that wallets linked to the company moved 2,628 Bitcoin, worth $165 million, to Crypto.com in two separate transactions. The transfer led many investors to speculate that the company had started selling part of its BTC holdings.

Trump Media replied to these claims, saying the coins were only moved between approved custodians and were not sold.

Trump Media says Bitcoin was only moved, not sold

The company said that Crypto.com is one of its approved custodians for holding its Bitcoin holdings. A spokesperson said no sale was made. A similar event happened in May when Trump Media also made a large transfer of tokens.

Data confirms that the coins were moved to Crypto.com wallets, but there is no proof that these coins were sold afterward. The firm had selected Crypto.com and Anchorage Digital as custodians for its digital assets when it launched its Bitcoin treasury in May 2025.

The company’s wallets hold about 4,261 BTC after the transfers, according to Arkham. This is worth around $267 million.

Source: Arkham Intelligence 

Notably, that balance is similar to the 4,260.73 BTC that the company disclosed was pledged as collateral for its convertible notes. However, the match does not confirm that these wallets hold the collateral or represent all of the company's Bitcoin holdings.

The company's first-quarter 2026 filing also noted that the pledged BTC cannot be sent or withdrawn unless certain requirements are met. Those restrictions would stay until the convertible notes mature on May 29, 2028.

Last year, Trump Media invested $1.37 billion to buy 11,542 BTC, paying $118,522 per coin. The firm has moved at least 7,281 BTC since then.

Transfers arrive as crypto debate continues in Washington

This update comes just as lawmakers continue their debate on the CLARITY Act in Washington. There is currently a rush to get the legislation approved before the senators go on recess by August 10.

On July 30, the Senate Banking Committee Democrats released an analysis of the proposed Digital Asset Market CLARITY Act. They shared that more ethics rules may be needed for public officials in crypto businesses. This came despite news that Trump had agreed to the ethics provision package that was drafted by officials.

Senator Elizabeth Warren doubled down on her calls for stricter restrictions on digital asset holdings linked to elected officials and their business interests.

Before now, the partnership between Trump Media and Crypto.com had been under scrutiny.. Previous reports investigated the business ties of these companies, including lobbying activity, regulatory issues, and later commercial partnerships. 

In August 2025, the companies announced plans for a separate Cronos treasury venture, which included funding through tokens, cash, warrants, and an equity facility.

There has been speculation that the BTC transfers are funding these initiatives, but there is still no evidence to support the rumors.