Wallets tied to the Truth Social parent now hold about as much bitcoin as the company previously pledged as note collateral, making its next 10-Q the key test of whether recent Crypto.com transfers were custody moves or sales.

Trump Media transferred another 2,628 Bitcoin to Crypto.com, bringing reported sales to 7,281 BTC and leaving the company with 4,261 BTC.

The company said a similar transfer to Crypto.com in May was part of a broader trading strategy and did not represent a sale.