Trump Media’s $1.37B Bitcoin bet is now showing the brutal side of the market cycle. In the second half of 2025, the company went all-in: - Accumulated 11,542 BTC at an average price of ~$118,522 - Today, unrealized losses have ballooned to around $455M And this morning, another key move hit the tape: - 2,650 BTC ($205M) were transferred to exchanges, likely for selling - Remaining holdings: 6,889 BTC ($532M) This comes as the company’s financials continue to deteriorate: - 3–4 consecutive quarters of losses - Q4/2025: -$605.5M - Q1/2026: -$406M A large part of the damage is tied directly to their high-cost BTC accumulation. Adding to the shift in sentiment, the company also withdrew its BTC spot ETF filing, signaling a clear reassessment of expectations around this “opportunity.” But beyond the numbers, the message is simple: In crypto, bad timing turns conviction into long-term pressure And even the biggest names are not immune to cycle risk and volatility The market doesn’t punish belief. It punishes entry price. #TrillionDollarIPOs $BTC