Trump Media pledges 73% of its bitcoin to options as $1 billion note deadline nears

Trump Media's Q3 10-Q shows it has pledged 11,385 of its roughly 15,649 bitcoin to an options program whose counterparty can reuse the coins, with nearly all the remainder backing $1 billion of notes holders can put back on Nov. 30. The arrangement means most of the company's BTC is encumbered and could be lent or sold by the counterparty, while a looming put date creates refinancing pressure. Traders watching corporate treasury demand for bitcoin will note the reduced effective float and the potential for forced selling if the notes are redeemed.