Trump Media transferred 2,650 BTC to Crypto.com; Q1 loss of $405.9 million; Bitcoin spot ETFs saw net outflows exceeding $2.26 billion over two weeks; IBIT holdings dropped to approximately 800,000 BTC

According to ChainCatcher, BBX data shows that corporate Bitcoin reserves are under pressure amid continued outflows from ETFs, leading to overall cautious sentiment in crypto-related equities. Key developments are as follows:

Trump Media & Technology Group, Corp. (NASDAQ: DJT) transferred 2,650 BTC (approximately $205 million) to a Crypto.com exchange address on May 22. The company stated this was a 'transfer, not a sale,' part of an expanded trading strategy, though the actual disposition remained unconfirmed as of the reporting deadline. On-chain data confirms the funds have arrived at Crypto.com’s exchange address. Previously, the company had transferred 2,000 BTC (about $175 million) to Crypto.com roughly four months earlier. Its Q1 2026 earnings report (released May 9 per CoinDesk) showed holdings of 9,542.16 BTC as of March 31 (fair value of $647.1 million, acquisition cost of approximately $11.3 billion). Following this latest transfer of 2,650 BTC, Arkham estimates remaining holdings at roughly 6,889 BTC (about $532 million). The Q1 report also disclosed a net loss of $405.9 million (compared to a $31.7 million loss in the same period last year) and revenue of only $871,200. The company originally acquired 11,542 BTC at an average price of approximately $118,522, for a total acquisition cost of about $13.7 billion, leaving its current holdings significantly below cost. During the same period, the company withdrew its applications for Truth Social Bitcoin, Ethereum, and Solana ETFs.

U.S. Bitcoin spot ETFs recorded net outflows exceeding $2.26 billion in the two weeks ending May 23, ending a streak of seven consecutive weeks of net inflows. Bitcoin declined approximately 10% during this period—from around $82,500 (its recent high on May 6) to $74,305 on May 23—marking its lowest level since April 20. Holdings in BlackRock, Inc.'s (NYSE: BLK) iShares Bitcoin Trust (NASDAQ: IBIT) have fallen from a peak of approximately 812,000 BTC to around 800,000 BTC, still accounting for roughly 62% of total U.S. Bitcoin spot ETF assets. CoinDesk analysts attributed this outflow cycle to elevated U.S. Treasury yields (with the 10-year yield briefly touching 5.01%) and geopolitical pressures driving systemic deleveraging, rather than a loss of confidence in Bitcoin’s long-term fundamentals.

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