On December 24, 2025, Trump Media & Technology Group (TMTG) executed a significant internal transfer of approximately 2,000 Bitcoin (BTC), valued at roughly $174 million, across multiple wallets. Blockchain data reveals the movement was routed through several intermediary addresses, a pattern analysts associate with custody restructuring or internal reserve management rather than preparation for a sale.
A key detail from the on-chain activity shows that around $12 million worth of BTC was directed to Coinbase Prime Custody, an institutional-grade custody service. This move suggests an effort to enhance security or streamline operational processes. The remainder of the Bitcoin was distributed among other wallets linked to Trump Media, reinforcing the interpretation that the company maintains full control of its assets. Notably, there were no significant inflows to exchange wallets, which would typically signal impending selling pressure.
The wallet activity followed conflicting reports regarding the company's Bitcoin acquisitions. On December 23, 2025, data suggested Trump Media had purchased an additional 451 BTC, which would have brought its total holdings to 11,542 BTC (worth over $1 billion at the time). However, a company spokesperson later stated that no new Bitcoin purchases had been made, leaving the discrepancy between reported acquisitions and on-chain data unresolved.
Market reaction to the large transfer was muted, with Bitcoin's price remaining stable in the $86,000–$87,000 range during and after the transactions. This stability supports the view that the movement was operational. Trump Media has positioned Bitcoin as a strategic, long-term treasury asset, aligning itself with other major corporate holders like MicroStrategy, though with a more diversified business strategy that includes its Truth Social platform and announced fusion energy plans.
