Trump Media transferred 2,650 bitcoin worth $205 million, a move widely interpreted as a sale. The company bought 11,542 BTC at an average cost of $118,522 per coin. This is the second large transfer in four months after moving 2,000 BTC worth $175 million earlier this year. According to Lookonchain, Trump Media is now sitting on a total unrealized loss of $455 million on its bitcoin holdings. Interesting timing given that the president signed an executive order establishing a Strategic Bitcoin Reserve in March 2025 and his allies introduced a bill this week to acquire 1 million BTC.