Trump Media & Technology Group has transferred another 2,650 bitcoin to Crypto.com, adding fresh attention to the company’s struggling cryptocurrency investment strategy. 💸
At current market prices, the transfer is valued at approximately $205 million, with bitcoin trading near $77,341 per coin. 📊 Blockchain tracking platform Lookonchain reported that the transaction took place during late U.S. evening hours. 🌙
Trump Media previously acquired 11,542 bitcoin for nearly $1.37 billion, purchasing the cryptocurrency at an average price of $118,522 per BTC. 🪙 Earlier this year, the company also moved 2,000 BTC worth around $175 million when bitcoin was trading close to $87,378. 📦
Following the latest transfer, Trump Media is estimated to be facing unrealized losses of nearly $455 million as bitcoin continues trading far below the company’s original purchase price. 📉🔥
The move comes shortly after the company withdrew its application for a spot bitcoin ETF, raising new concerns about its long-term crypto investment plans. ⚠️ Analysts believe the decision was influenced more by weakening market economics in the spot bitcoin ETF sector rather than regulatory issues. 🏦
Trump Media’s financial performance has also come under pressure. In May, the company reported a first-quarter net loss of $405.9 million despite generating only $871,200 in revenue, a major increase compared to the $31.7 million loss recorded during the same period last year. 📑💔
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