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Trump Media (DJT) Pledges 73% of Its Bitcoin to an Options Program as $1 Billion Note Deadline Nears
Trump Media's Q3 10-Q shows 11,385 of its roughly 15,649 bitcoin pledged to an options program whose counterparty can reuse the coins, with nearly all the rest backing $1 billion of notes holders can put back Nov.
Brief
In its third-quarter 10-Q, Trump Media & Technology Group disclosed that roughly 73 percent of its bitcoin backs an options arrangement, in which the counterparty may reuse the pledged coins. The company held about 15,649 BTC at September 30, according to chief financial officer Phillip Juhan, and those pledged coins were valued at $951.4 million at the end of the quarter. The filing does not name the counterparty. Separately, 4,260.73 BTC serves as collateral for its $1 billion in convertible notes and cannot be withdrawn. Noteholders can require cash repayment on November 30, and the company said it may refinance through a new credit facility, though it warned there was no assurance of acceptable terms. Shareholders vote December 14 on a planned merger with TAE Technologies.
Why it matters: The filing shows how a large corporate bitcoin holder is lending out its coins in yield arrangements and tying others to debt collateral, with counterparty and repayment risks spelled out in the company's own disclosures.
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Trump Media pledges most of its bitcoin and faces $1 billion note demand
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