Trump Media surpasses Tesla to become 12th-largest Bitcoin treasury company

Trump Media & Technology Group just leapfrogged Tesla in the corporate Bitcoin rankings. As of August 11, 2026, TMTG holds 12,062 BTC, edging past Tesla’s 11,509 BTC to claim the 12th spot on the corporate Bitcoin treasury leaderboard, according to BitcoinTreasuries.net.

How TMTG built its Bitcoin stack

The strategy traces back to May 2025, when TMTG announced plans to raise $2.5 billion through a combination of equity and convertible debt. The stated purpose was direct: build a Bitcoin treasury.

By July 2025, the company had deployed roughly $2 billion of that capital into Bitcoin purchases. The average acquisition price during that buying period hovered around $118,500 per Bitcoin, according to the research findings.

The Tesla comparison matters more than it might seem

Tesla’s Bitcoin purchase in 2021 was a cultural moment. It signaled that mainstream American corporations could treat Bitcoin as a balance sheet asset without triggering a shareholder revolt. Tesla bought roughly $1.5 billion worth at the time, sold a portion later that year, and has largely held the remainder since.

Complications in the strategy

In 2026, TMTG transferred 2,650 BTC worth approximately $205 million to Crypto.com, among other on-chain activity that drew attention from market observers tracking large wallet movements.

Shortly after, TMTG announced plans to unwind its partnership with Crypto.com entirely. The company framed the move as a refocus on core media operations and a potential merger.

Any company that bought Bitcoin at an average near $118,500 would have faced paper losses during periods when the price traded below that level, and the mark-to-market pressure is real and visible to shareholders in quarterly filings.

What this means for the corporate Bitcoin landscape

Tesla has taken a more passive approach to its remaining Bitcoin holdings, neither adding substantially nor selling the core position down. TMTG’s more active posture, with large on-chain transfers and partnership decisions playing out in public view, represents a different model of corporate Bitcoin stewardship.

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