Two transfers of 2,140 BTC and 2,119 BTC left wallets labeled "2028 Convertible Notes Collateral" early on November 5, both landing at the same Crypto.com-linked address flagged on-chain. The total is just 1.38 BTC short of the 4,260.73 BTC the company pledged against its convertible notes in its June 30 filing.

Holders of Trump Media's $1B convertible notes can demand cash repayment on November 30, 2026. In a November 2 SEC filing, the company warned that existing cash and financing may not cover the obligation and listed selling bitcoin or other digital assets among the possible options.

The transfer does not confirm a sale. Trump Media described earlier moves to Crypto.com (2,650 BTC in May and 2,628 BTC in August) as trading strategy and custody management. The company reported holding about 14,139 BTC as of July 31.