In a third-quarter regulatory filing, Trump Media & Technology Group disclosed that it had pledged 11,385 of its approximately 15,649 Bitcoin, or about 73%, to a bitcoin yield management program. The options program is designed to generate yield. The unnamed counterparty may reuse, or rehypothecate, the pledged Bitcoin at its discretion.
The company faces a November 30 deadline, when holders of its $1 billion in convertible notes can demand full repayment in cash. Trump Media has warned it may not have enough cash or financing to meet the obligation if the repayment option is widely exercised.
Nearly all of the company’s remaining Bitcoin is already held as separate collateral for the notes, limiting its financial flexibility ahead of the potential repayment demand.