Where did Trump Media’s 5,278 BTC go? Trackers spot $165 million Bitcoin transfer leaving just 3.43 BTC

Trump Media & Technology Group moved 2,628 BTC on Aug. 2, bringing the sum of two recently reported Bitcoin movements to within 3.43 BTC of the portion of its March holdings not identified as convertible-note collateral.The near-match puts the latest wallet activity at the center of a question about what remains of Trump Media’s quarter-end Bitcoin treasury once note collateral is separated out.Trump Media reported 9,542.16 BTC as of March 31, including 4,260.73 BTC serving as note collateral. Subtracting those figures produces 5,281.43 BTC, though the company did not label that difference liquid or unencumbered.The same filing separately said Trump Media had pledged 2,000 BTC under covered-call arrangements on 4,000 BTC. The counterparty could reuse that collateral, and the options had a June 30 expiry date. The collateral’s post-expiry status remains undisclosed.CryptoSlate reported that about 2,650 BTC moved from Trump Media-linked wallets on May 22 in two deposits to a Crypto.com-linked address.The second data point came on Aug. 2, when Lookonchain, a blockchain analytics account, said Trump Media appeared to have sold another 2,628 BTC for about $165.07 million.Together, t...