Trump Media & Technology Group moved 4,259 Bitcoin (BTC) linked to its convertible-note collateral to Crypto.com, shifting nearly $340 million in digital assets as creditors approach a Nov. 30 cash-repurchase right.
The transfer took place at 9:17 p.m. ET Nov. 4 (02:17 UTC Nov. 5) in two transactions of 2,140.03 BTC and 2,119.31 BTC. Holders of Trump Media’s $1 billion in zero-coupon secured convertible notes due in 2028 may require a cash repurchase at par on Nov. 30.
Trump Media may not have enough cash or financing to meet the demand. If it cannot address the notes, it may need to sell Bitcoin or other digital assets, seek debt or equity financing, or take other steps that could materially harm its business and finances. A total of 4,260.73 BTC was pledged as note collateral as of June 30.
The transfer alone does not establish that the Bitcoin was sold. Trump Media also moved about 2,650 BTC and 2,628 BTC to Crypto.com in May and August, respectively. Noteholders can exercise the cash-repurchase right on Nov. 30.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to [email protected].
