Data shared by Lookonchain earlier today suggests that Trump Media, the entity behind the Truth Social media platform, majority-owned by the Donald J. Trump Revocable Trust, has sold over $165 million worth of bitcoin.
This was the second substantial sale made by the entity in recent months after it had splashed over $1 billion at prices near the top last year to accumulate 11,542 units.
The on-chain analytics company noted that the latest offload was for 2,628 BTC after it had transferred the stash to crypto.com. This continued a streak that began earlier this year.
Previously, the entity had spent $1.37 billion to acquire 11,542 BTC at an average price of $118,522. Since its entry level was very close to bitcoin’s very top marked just under a year ago, this automatically means that its sales have been completed at prices well below that.
CryptoPotato reported the previous BTC disposal in May, when wallets linked to Trump Media sold another substantial batch of 2,650 BTC for $205 million.
Lookonchain’s data concurs that the entity has sold a total of 7,281 BTC since it began disposing of its assets, at an average price of under $75,000. This means that its total losses have grown to $555 million.
Aside from the continuous controversial decisions toward the crypto industry from the POTUS-linked companies, this move builds on a recent worrisome trend about BTC treasury firms deciding to sell during times of distress.
As we reported last week, several public companies have shifted their strategies, with some selling BTC holdings while others have paused buying the asset indefinitely.
Source: CryptoPotato
