CoinDesk: Trump Media may hold only BTC pledged as loan collateral

CoinDesk analysis suggests Trump Media may now hold only the Bitcoin pledged as collateral for its convertible notes, amid estimates that the company may have sold 2,628 BTC worth $165 million. Trump Media currently holds 4,261 BTC worth $268 million, according to the report. CoinDesk noted that amount is nearly identical to the 4,260.73 BTC the company said it had posted as collateral for first-quarter convertible notes. Trump Media bought a total of 11,542 BTC last year at an average price of $118,522, for $1.37 billion at the time, but later transferred out 7,281 BTC. Lookonchain had previously estimated that Trump Media sold its holdings at an average price of $74,855, realizing a loss of about $318 million. CoinDesk added that whether a sale took place is expected to be confirmed through the company’s second-quarter filing. Trump Media has meanwhile said the 2,628 BTC deposited to Crypto.com had not been sold.