Trump-linked companies are moving bitcoin. What the filings show

Two listed companies with Trump family ties made bitcoin news on 5 November. Wallets labeled as Trump Media’s sent 4,259.35 BTC to an address labeled as Crypto.com’s, worth about $343.5 million.Bitcoin transactions to address 34jvU…7My, mempool.space; S-Curve arithmetic on company filings and Bitcoin transaction data. American Bitcoin reported net income of $125.987 million for the third quarter.American Bitcoin Form 8-K Exhibit 99.1, Q3 2026 results. Read quickly, the first looks like a sale and the second like a business turning around. The filings support neither reading on their own.

What moved, and who says whose

Two Bitcoin transactions in block 974613, with a header time of 02:17:18 UTC on 5 November, paid 4,259.35 BTC in all to one address. At the Coinbase Exchange price for that minute, that was about $343.5 million.

The chain itself carries no names. The labels come from the analytics firm Arkham, as relayed by CoinDesk: the coins left addresses labeled “2028 Convertible Notes Collateral” for an address labeled “34jvU…,” reportedly owned by Crypto.com.Trump Media moves $342 million in bitcoin to Crypto.com, blockchain data show (CoinDesk). The label is plausible, not proven. It fits a figure in Trump Media’s filings: its 10-Q for the quarter ended 30 June says 4,260.73 bitcoin served as collateral for its convertible notes and that it is restricted from distributing or withdrawing it.Trump Media Form 10-Q, quarter ended 30 June 2026: financial statements. The 4,259.35 BTC that moved is 99.97% of that amount, 1.38 BTC less.

Why a transfer is not a sale

An exchange deposit says where coins went, not what happened to them.

Crypto.com is not a stranger to the company. The Block reported in August that “Crypto.com is one of the two custodians the firm chose” for its treasury, the same month the two ended their CRO treasury and ETF partnerships.Trump Media says $165 million bitcoin transfer to Crypto.com wasn’t a sale | The Block; Trump Media and Crypto.com end partnerships as companies shift priorities | The Block. Two earlier transfers went the same way. A Trump Media spokesperson told The Block that bitcoin moved in August was “transferred, but not sold”, and CoinDesk reports that the company said that transfer was for custody management. CoinDesk says it asked the company about the latest transfer and had no response when it published. No statement on this one has appeared.

The address history fits a deposit. The destination also received about 2,649.90 BTC on 22 May and about 2,628.31 BTC on 1 August, the amounts of the two earlier transfers reported as going to Crypto.com. Each time it forwarded the full amount in one transaction: 17 minutes later in May, 23 minutes later in August, and 74 minutes later on 5 November, at 03:31 UTC. All three sweeps went to one address that has received 102,711 BTC across 56,053 transactions. That is how an exchange deposit address behaves. The chain does not show what the exchange or the company did with the coins afterwards.

Custody is not the only alternative to a sale. Trump Media’s 10-Q for the quarter ended 30 June says “we have deployed a portion of our bitcoin holdings to third-party counterparties through lending, placement, and other yield-generation arrangements”.Trump Media Form 10-Q, quarter ended 30 June 2026. It also says “we pledged 2,077.34 bitcoins for our option strategy,” collateral that the counterparty “can rehypothecate at their sole discretion”. Coins put to either use leave the company’s wallet without being sold.

The 10-Q’s totals do not match a treasury sold down to a few thousand coins. It lists 9,477.16 BTC of digital assets on 30 June, which with the pledged coins makes 11,554.50 BTC. In July it sold $159.6 million of bitcoin-related equity securities, bought bitcoin with the proceeds, and reported about 14,139 BTC on 31 July, pledged coins included. Its first-half reconciliation does list bitcoin dispositions of $128.8 million, additions of $119.8 million and a $52.2 million loss on derecognition, without saying what those were.

The “sold” reports trace to one source. Lookonchain wrote in August, “It looks like Trump Media sold another” batch, counting each transfer to Crypto.com as a sale.Trump Media Sells Another $165M in Bitcoin, Booking a Fresh Loss. Its tally of 7,281 BTC sold is hard to square with the 14,139 BTC the company reported. On 5 November its post asked a question instead: “Is Trump Media dumping $BTC?”Lookonchain post on Trump Media transfer (5 Nov 2026).

What would make it one

Trump Media has a repayment date coming. Its 10-Q for the quarter ended 31 March describes $1.0 billion of convertible senior secured notes due 29 May 2028, and says each holder may require the company to repurchase its notes for cash on 30 November 2026.Trump Media Form 10-Q, quarter ended 31 March 2026. A merger registration it amended on 2 November lists options including “a new credit facility to refinance all or a portion of the TMTG Convertible Notes”.Trump Media Form S-4/A, filed 2 November 2026. If those fall short, it says, it may have to “sell our bitcoin or other digital asset holdings to fund such repurchases”. That is a stated contingency, not a report of a sale.

Two limits apply. The 10-Q says the company is restricted from distributing or withdrawing the 4,260.73 BTC of note collateral, subject to meeting indenture requirements. And its merger agreement with TAE Technologies says it may not, without TAE’s written consent, “dispose of any portion of its material properties or assets (including Parent Digital Assets)” above $5 million, with exceptions that include the ordinary course of business.

What settles it is a statement from the company or a later balance sheet. Trump Media’s third-quarter 10-Q had not been filed as of 5 November, and it would cover the May and August transfers, not this one.SEC EDGAR: Trump Media 10-Q filings.

American Bitcoin’s profit is a mark

American Bitcoin’s third-quarter revenue was $63.355 million. Its income statement also shows a $197.340 million gain on digital assets, which made operating income $191.834 million. Without that gain the operating result is a loss of about $5.5 million.

The gain is an accounting mark on bitcoin the company holds. Bitcoin closed 30 June at $58,523.93 and 30 September at $83,556.14 on Coinbase Exchange, up $25,032. On the 8,002 BTC the company held at the start of the quarter, that rise is about $200.3 million, close to the gain it booked.

The company’s Adjusted EBITDA of $220.797 million starts from net income and adds back tax, depreciation, a $64.276 million derivatives loss and stock compensation. It does not remove the digital-asset gain.

Mining itself was steadier than the headline. The company’s reserve rose from about 8,002 to about 8,427 BTC with no purchases. It mined about 891 BTC and says it “Sold a portion of Bitcoin production to cover operating costs while continuing to build the Company’s strategic Bitcoin reserve.”American Bitcoin Reports Third Quarter 2026 Results. Chief executive Mike Ho said: “Despite seasonal power cost pressures, we continued mining Bitcoin at a structural discount to spot, grew our strategic reserve, and increased Satoshis Per Share by approximately 5%”.

CoinDesk reports that revenue missed an average forecast of about $74 million.Trump-linked American Bitcoin swings to $126 million profit but misses revenue estimates (CoinDesk).

Who is behind it

American Bitcoin describes itself as “a majority-owned subsidiary of Hut 8 Corp.” Eric Trump is its co-founder and chief strategy officer.

What the two companies share is a way of reporting bitcoin: wallet moves that need a label and a custodian’s account of them, and profits that move with the price on the last day of the quarter.