Trump Media & Technology Group (TMTG), in which U.S. President Donald Trump is a major shareholder, has moved bitcoin worth about $165 million to Crypto.com, prompting speculation it had sold the holdings. The company said it had not disposed of the bitcoin.

Blockchain outlet CoinPost reported on Sunday that Trump Media recently transferred 2,628 bitcoin to Crypto.com. At the prevailing price, it was worth about $165 million.

On-chain analytics firm Lookonchain first spotted the move. It confirmed that a total of 2,628 bitcoin was moved from a Trump Media wallet to a Crypto.com address in two transfers, and said it was likely to be sold because it was deposited to an exchange.

Trump Media quickly drew a line. A company spokesperson acknowledged the transfer but said, "It is not a sale." The company did not disclose the specific purpose of the move.

This is not the first time Trump Media has offered a similar explanation. In May, it moved bitcoin worth about 32 billion won to Crypto.com and said at the time it was not for sale purposes.

The market is placing weight on the possibility the move was for custody or an internal asset reallocation. Crypto.com is Trump Media's bitcoin custody partner and a collaborator on a cryptocurrency ETF business. Some analysis says it is difficult to conclude that a move to an exchange address will immediately lead to selling on the market.

On-chain data from blockchain analytics firm Arkham also shows indications that a Trump Media-related address sent about 2,650 bitcoin to Crypto.com. That differs slightly from Lookonchain's total of 2,628 bitcoin, but it appears to be a difference in counting standards and the exact reason has not been disclosed.

After the transfer, the bitcoin remaining in Trump Media-related wallets fell to about 4,261 bitcoin. At the prevailing price, it was worth about $268 million.

That balance almost matches 4,260.73 bitcoin that the company disclosed it had pledged as collateral for convertible bonds as of March 31 this year. That has raised the possibility that the amount moved this time was a separate holding not tied up as collateral. It has not been confirmed whether the remaining bitcoin is actually collateral, or whether the wallet reflects all of the company's bitcoin holdings.

In its first-quarter 2026 earnings report, Trump Media said bitcoin provided as collateral for convertible bonds is restricted from sale and withdrawal until certain conditions are met under loan contracts. The restriction is set to remain in place until maturity no later than May 29, 2028.

Meanwhile, bitcoin holdings by listed companies continue to increase. CoinPost said total bitcoin holdings by listed companies worldwide stood at 1.15 million bitcoin as of the 31st last month.

By contrast, Strategy, the largest listed company holder of bitcoin, said it would shift away from its previous policy of putting all raised funds into buying bitcoin and move to a strategy of adjusting the share of bitcoin and cash-like assets depending on market conditions.

The case shows that a large bitcoin transfer to an exchange does not necessarily mean a sale. The market says that when interpreting listed companies' bitcoin holdings, it is necessary to look not only at on-chain movements but also custody structures, collateral contracts and asset management methods.