Trump Media’s 14,139 BTC Tied to Options and $1B Convertibles

An SEC filing shows Trump Media held 14,139 BTC valued at $890.5 million on July 31 after selling $159.6 million of Bitcoin-related securities in July and using the proceeds to buy Bitcoin directly. The company reported a second-quarter loss of $238.1 million, and a first-half loss of $644 million, which included $360.6 million related to digital assets.

The filing discloses 2,077.34 BTC were pledged to a counterparty supporting the company’s options program. That counterparty may rehypothecate the collateral, allowing the coins to be reused in other transactions while the pledge remains in place. As of June 30 the company held covered-call options referencing 1,445 BTC with strike prices between $62,000 and $76,000 and covered-put contracts referencing 170 BTC with strikes from $55,000 to $59,000; those contracts matured in July. Derivatives activity produced $18.3 million of realized gains and $37.5 million of unrealized gains in the first six months of the year.

Separately, 4,260.73 BTC were committed as collateral for the convertible senior secured notes Trump Media issued in May 2025 to fund its Bitcoin holdings. Those coins were valued at about $250.5 million at June 30 and are restricted while the debt’s provisions apply. The $1 billion notes mature in May 2028, and holders have an option on Nov. 30 to require repurchase at 100% of principal plus any accrued interest, creating an earlier contractual liquidity date for the company.

The filing also reports the company has placed an undisclosed portion of its Bitcoin with third parties to earn yield through lending, placement and other arrangements. Some counterparties may re-lend, re-pledge or rehypothecate the assets and may liquidate pledged Bitcoin without prior notice if margin requirements are not met. The filing warns a counterparty insolvency could leave deployed Bitcoin trapped in bankruptcy proceedings and that visibility into subsequent transactions may be limited. Trump Media did not identify the counterparties or specify how much Bitcoin is in yield arrangements.

Trump Media’s Cronos holdings remain depressed. The company held about 756.1 million CRO at June 30 with a cost basis of $113.9 million and a fair value of $40.6 million, roughly 64% below acquisition cost. Most tokens are subject to multi-year selling restrictions; the first window opens Aug. 26, permitting sales of up to 68.4 million CRO over six months, and all restrictions lapse in August 2029. A proposed CRO strategy transaction with Crypto.com and Yorkville Acquisition was mutually terminated last week, while the CRO balance remains on Trump Media’s books.