Trump Media & Technology Group (TMTG) recently transferred 2,650 BTC, which it claims is part of a broader trading strategy rather than a liquidation. This move comes amid a significant decline in TMTG's stock price, which has dropped nearly 40% since early 2026. Analysts have expressed doubts regarding TMTG's ability to compete in the saturated crypto ETF market, dominated by established firms like BlackRock and Fidelity. The company's proposed products lack structural differences from competitors, relying heavily on marketing and its political brand. This situation highlights a systemic issue in tracking corporate crypto reserves, as large on-chain transfers can be misinterpreted. The SEC faces a dilemma on whether public companies should disclose blockchain addresses for independent audits, raising concerns about corporate trading strategies. Overall, TMTG's crypto business appears unsustainable and more like an improvised attempt to monetize its political brand than a viable long-term strategy. The critical question remains whether TMTG can endure the challenges of an aggressive crypto strategy.