The Crypto Desk desk. Editor: Sam Daodu.
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Trump Media & Technology Group (NASDAQ:DJT) has pledged 11,385 Bitcoin (CRYPTO:BTC) as part of an options strategy and holds another 4,264 BTC unpledged, according to its third-quarter 10-Q filed on November 9, 2026. That brings its total to about 15,649 BTC. However, the company also has $1 billion in convertible notes, which give noteholders the option to demand cash on November 30.
On paper, the financial results look strong. Trump Media reported net income of $409.7 million, a sharp turn from a $54.8 million loss a year earlier. However, most of that profit came from $496.1 million in non-cash gains on digital assets and securities, while revenue came to just $3.0 million.
Bitcoin trades around $74,429, down 1.3% over the past 24 hours and 10.4% over the last month. Meanwhile, Trump Media shares rose 7.1% to $4.35 in early trading, though the stock has fallen 67.2% since December 31, 2025. So could the $1 billion cash demand force Trump Media to sell its Bitcoin?
Trump Media Pledged 11,385 Bitcoin to an Options Strategy
The Bitcoin Trump Media pledged serves as collateral for an options counterparty, acting like a security deposit for its digital asset treasury. According to the 10-Q, the company writes covered options on these coins, selling contracts for cash upfront to grow its Bitcoin holdings.
This strategy brought in $44.0 million in cash from covered puts in 2025. However, pledged coins aren’t free for Trump Media to sell on short notice, and its unpledged Bitcoin fell from 9,542 BTC at the end of 2025 to 4,264 BTC, valued at $356.3 million, as of September 30.
Trump Media Owes $1 Billion but Reports $2.5 Billion in Assets
Trump Media carries $1 billion of zero-coupon convertible senior secured notes due May 29, 2028. These notes can be exchanged for shares, and because they are senior secured, lenders are first in line for repayment, with specific collateral backing them. When the notes were issued, each holder received the right to demand cash redemption at 100% of principal on November 30.
Against this debt, Trump Media reported total assets of $2.5 billion, including cash, short-term investments, equity securities, digital assets and a note receivable from TAE Technologies, the fusion company it plans to merge with. TAE drew the last $100 million under that note in October, while operations used $28.4 million in cash over nine months. The company also holds about 756 million Cronos (CRYPTO:CRO).
Trump Media’s Filing Names No Bitcoin Sale to Pay Noteholders
The quarterly report did not say how Trump Media would meet a cash demand and made no mention of selling Bitcoin. Instead, management pointed to “more disciplined, institutional management” of its treasury, aiming to keep long-term exposure to Bitcoin while handling market volatility. That leaves every option open, including keeping its Bitcoin.
CEO Kevin McGurn said the balance sheet gives the company flexibility, ahead of the December 14 shareholder vote on the TAE merger. However, the report offered no forward-looking financial guidance to back that assurance.
On-chain data raised concerns first. Wallets tagged “2028 Convertible Notes Collateral” sent 4,259 BTC to Crypto.com, according to Arkham, as we reported when Trump Media moved the coins. Because Crypto.com runs both an exchange and a custody service, the move could mean a sale or just a change in custody, and no 8-K filing followed.
Treasury companies do move coins without giving up their Bitcoin, as Metaplanet sold Bitcoin and later bought more back. Still, market conditions are tough. Bitcoin trades below its 20-day moving average of $78,621, its 50-day average of $81,641, and the breakeven many treasury companies carry, which pressures any firm that needs cash from its Bitcoin.
Could the $1 Billion Demand Force Trump Media to Sell Bitcoin?
A full cash demand could push Trump Media to sell or hand over some of its Bitcoin. However, the company also holds cash and other investments, so it would likely tap the 4,264 unpledged BTC first only if management wants to save cash for the TAE deal. Either way, repaying lenders brings Bitcoin no new buyers, and a 4,259 BTC sale would equal only about 0.02% of supply.
The clearest signal will come from an 8-K filing after November 30 detailing how much principal holders redeemed and how Trump Media paid. If the filing shows a Bitcoin sale or a transfer to lenders, the fears will have been validated. If it shows cash was paid and the 4,264 BTC remain in the next 10-Q, the concerns would prove unfounded, and Bitcoin’s price would hinge on broader market trends instead.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
