From 24/7 Wall St. · Sam Daodu · · 2m
Trump Media Pledged 11,385 Bitcoin
Trump Media's $1 billion note demand could force Bitcoin sale as it holds 15,649 BTC.
In brief
Trump Media's $1 billion note demand could force Bitcoin sale as it holds 15,649 BTC. Trump Media holds 15,649 Bitcoin but may not sell to repay $1 billion convertible notes due May 2028. Originally reported by 24/7 Wall St..
Trump Media Pledged 11,385 Bitcoin
Trump Media pledged 11,385 Bitcoin as part of an options strategy and holds another 4,264 BTC unpledged, according to its third-quarter 10-Q filed on November 9, 2026.
Total Bitcoin Holdings
Trump Media's total Bitcoin holdings amount to 15,649 BTC, with 11,385 pledged and 4,264 unpledged.
$1 Billion Convertible Notes
Trump Media carries $1 billion of zero-coupon convertible senior secured notes due May 29, 2028, which can be redeemed for cash on November 30.
Net Income and Non-Cash Gains
Trump Media reported net income of $409.7 million, mostly from $496.1 million in non-cash gains on digital assets and securities.
Bitcoin Price and Stock Performance
Bitcoin trades around $74,429, down 1.3% over the past 24 hours and 10.4% over the last month, while Trump Media shares rose 7.1% to $4.35 in early trading.
Unpledged Bitcoin Value
The 4,264 unpledged BTC, valued at $356.3 million, fell from 9,542 BTC at the end of 2025 to 4,264 BTC as of September 30.
No Bitcoin Sale Mentioned
The quarterly report did not specify how Trump Media would meet a cash demand and made no mention of selling Bitcoin.
Treasury Management Strategy
Management pointed to 'more disciplined, institutional management' of its treasury to keep long-term exposure to Bitcoin while handling market volatility.
On-Chain Data Concerns
Wallets tagged '2028 Convertible Notes Collateral' sent 4,259 BTC to Crypto.com, raising concerns about a potential sale.
Market Conditions for Bitcoin
Bitcoin trades below its 20-day moving average of $78,621 and 50-day average of $81,641, pressuring any firm that needs cash from its Bitcoin.
Potential Bitcoin Sale
A full cash demand could push Trump Media to sell or hand over some of its Bitcoin, but it would likely tap the 4,264 unpledged BTC first.
8-K Filing Outcome
The clearest signal will come from an 8-K filing after November 30 detailing how much principal holders redeemed and how Trump Media paid.
The one thing
Trump Media holds 15,649 Bitcoin but may not sell to repay $1 billion convertible notes due May 2028.
