Trump Media & Technology Group (TMTG) moved 2,650 Bitcoin (BTC) worth roughly $205 million to Crypto.com.

The deposit marks the second major outflow from TMTG’s Bitcoin wallets this year. Analytics firm Lookonchain flagged the movement, though exchange transfers do not always confirm a sale.

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TMTG’s Bitcoin Treasury Sinks Deeper Below Cost Basis

Trump Media originally accumulated 11,542 BTC at an average cost of $118,522 per coin, deploying about $1.37 billion of corporate capital into the asset.

However, Bitcoin currently trades near $77,700, leaving the holdings roughly 34% below the entry price. The position now reflects an unrealized shortfall of about $455…