Trump Media & Technology Group (DJT) disclosed on Monday that it bought 4,359 Bitcoin (BTC) last quarter. The reveal came 10 days after President Donald Trump called digital money “a little bit dangerous.”
Nearly all of those coins are locked up. Of the 15,649 Bitcoin the Truth Social owner held on September 30, only about 3 were not posted as collateral, while $1 billion in debt nears a cash deadline.
How Much of Trump Media’s 15,649 Bitcoin Can It Actually Use?
Chief Financial Officer Phillip Juhan said on Monday’s earnings call that sales of BlackRock’s iShares Bitcoin Trust, a fund tracking the coin, paid for them.
The purchases came before Trump spoke. He made his crypto remarks on October 30, a day after hackers took about $6.3 billion from crypto exchange Binance.
“You know, the old-fashioned way when you used to sign a check… These are different. People never see the money anymore. So I’ve always felt it was a little bit dangerous,” he said.
Trump Media’s quarterly report shows 11,385.20 Bitcoin pledged to an options program, a hedging deal whose partner can lend the coins onward at will.
Another 4,260.73 bitcoin backs its 0% convertible notes, debt that converts into shares. Those coins stay locked until loan conditions are met or May 2028. Last week, a 4,259 BTC transfer to Crypto.com nearly matched that pledge.
Some partners can sell pledged bitcoin without notice if margin calls are missed, the filing warns. Bitcoin now trades near $73,405, about 12% below its September 30 level of roughly $83,500.
Can Trump Media Keep Its Bitcoin Past November 30?
Holders of the $1 billion notes can demand full repayment in cash on November 30. General Counsel Scott Glabe said the total will not be known until month-end.
Cash and short-term investments stood at about $393 million on September 30. Interim CEO Kevin McGurn said the company will pay with cash and credit, not new shares.
“We want to preserve as much of our Bitcoin as possible to continue our yielding strategy and allow that asset to recover,” McGurn said on the earnings call.
The filing warns refinancing may not come on acceptable terms.
The $409.7 million Q3 profit priced those coins at September 30. Noteholders’ answer, due within three weeks, will show whether the pile survives its first cash test.
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