Trump Media Moves $434 Million Of Bitcoin To Crypto.com
A digital wallet linked to Trump Media & Technology Group (NASDAQ: $DJT) has moved $342 million U.S. of Bitcoin (CRYPTO: $BTC) to the Crypto.com exchange, singling a potential sale.
The move by the parent company of Truth Social has raised questions about whether the company is reducing its crypto holdings as it seeks to generate cash.
Trump Media sent 4,259 Bitcoin worth $434 million U.S. to Crypto.com in two batches earlier this week, according to data tracked by Arkham.
The large movement of BTC comes as Trump Media faces an upcoming payment on its corporate bonds of as much as $1 billion U.S.
The transfer to privately held Crypto.com is equal to about 30% of the company’s 14,139 Bitcoin holdings.
The movement of crypto from a digital wallet to an exchange often signals an investor's intention to sell. However, that is not always case.
In May of this year, digital wallets linked to Trump Media moved $205 million U.S. of Bitcoin to Crypto.com but did not sell. The company said the movement was part of a trading strategy.
DJT stock has declined 68% over the past 12 months to trade at $4.49 U.S. per share.
This story was originally published by CryptoProwl. Read the original article.
