Trump Media has moved out 7,000 bitcoin, leaving only likely loan collateral

But whatever the label on Sunday’s transaction, the direction has not changed since December.

Trump Media bought 11,542 bitcoin for about $1.37 billion at an average of $118,522 a coin, close to the top of last year’s cycle. Wallets linked to the company have since moved out 7,281 of them.

Onchain analytics firm Lookonchain said those flows as sales averaging $74,855 a coin, which against the original cost basis would mark roughly $318 million in realized losses, with another $237 million sitting unrealized on what is left.

And the treasury has been shrinking faster than the business it sits on. Trump Media posted a $405.9 million net loss in the first quarter on $871,200 in revenue, with $368.7 million of that coming from markdowns on digital assets and equity holdings, including 756 million Cronos tokens acquired through the Crypto.com partnership that has now handled two of these transfers.

Crypto.com is one of the company’s two named custodians alongside Anchorage Digital, so a deposit there is what a custody move would look like. It also runs the exchange, so it is exactly what a sale would look like too, and the chain will not separate them.

The answer will be in the second-quarter 10-Q. A sale shows up as a realized loss on the income statement, while a custody move shows up nowhere. Whatever the wallets have been doing since December has to appear in one column or the other.