Trump Media's last bitcoin is collateral, not treasury.

Transcript

Trump Media moved two thousand six hundred twenty eight bitcoin, about one hundred sixty five million dollars, to Crypto dot com on Saturday. Here is the part that matters. The wallets still tagged to the company hold roughly four thousand two hundred sixty one coins. Company filings say four thousand two hundred sixty point seven three of those are pledged as collateral on its convertible notes, restricted until the notes mature in twenty twenty eight. Line those numbers up and the gap is about a quarter of one coin. So this is no longer a treasury. It is inventory backing a debt. The company bought eleven thousand five hundred forty two coins at an average of one hundred eighteen thousand dollars, near the top. Coins leaving the wallets have averaged seventy four thousand. Watch the next quarterly filing to see whether any of this gets booked as a sale.