Trump Media Bitcoin Transfer of 4,259 BTC Nearly Matches Pledged Loan Collateral

Trump Media moved 4,259 bitcoin to CDC last night before it started dumping.

Here's the takeaway:

• Trump Media Bitcoin Holdings cost 1B and if it hasn't been liquidated it's worth $557M - a net loss of ~500M.
• Onchain holdings equal 1.2 BTC.....
• "If DJT (stock) stays near record lows, noteholders may prefer cash over shares, which could pressure the BTC collateral."
• Obviously a transfer to an exchange isn't guaranteed to be a sale but it definitely looks like one.