Trump Media & Technology Group (DJT) moved roughly 4,259 bitcoin to the cryptocurrency exchange Crypto.com, a transfer valued at about $342 million, according to blockchain data from Arkham. The coins left wallets tagged as collateral for the company’s convertible notes and arrived in two nearly identical batches of 2,140 BTC and 2,119 BTC at 02:17 UTC, the tracking firm’s labels show.

The transaction surfaced as shares of the Truth Social parent company fell to their weakest level since the stock began trading publicly. Trump Media has not publicly explained the purpose of the transfer, and a request for comment on the move and on its current coin holdings went unanswered.

Arkham’s labeling ties the sending addresses to a structure…