Trump Media’s Crypto Bet Implodes With Massive $406M Quarterly Loss
Trump Media & Technology Group’s inventory now trades round $8.93. That quantity tells a narrative by itself. The dad or mum firm of Truth Social as soon as peaked at $97.50 a share again in early 2022, and it has shed greater than 90% of its worth since then.
CEO Devin Nunes stepped down on April 22, including management uncertainty to an organization already underneath monetary stress.
A Bad Deal Gets Worse
756 million Cronos tokens sit on Trump Media’s books, bought for near $114 million as a part of a cope with Crypto.com. By March 31, these tokens had been valued at simply $53 million — lower than half what the corporate paid.
That loss compounded an already bruising quarter pushed largely by Bitcoin purchases made close to final summer season’s market peak. The firm purchased roughly 9,500 Bitcoin at a mean price of round $108,519 per coin.
At quarter-end, the 9,542 Bitcoin it held carried a value foundation of $1.13 billion however a good worth of solely $647 million — a spot of almost $500 million. Bitcoin has since climbed again above $80,000, pushing the place’s worth nearer to $770 million.
The total damage for the primary quarter of 2026 got here to $406 million in internet losses, up sharply from $31.7 million throughout the identical interval a yr earlier.
According to a filing with the Securities and Exchange Commission, almost $370 million of that determine got here from unrealized losses on digital belongings and fairness holdings — that means the corporate has not offered its positions at a loss, however the decline in market worth nonetheless hit the books exhausting. An extra $108 million in funding losses was tied largely to fairness securities.
Revenue Barely Moves
While crypto losses dominated the quarter, Trump Media’s core media enterprise generated simply $871,200 in income — a 6% enhance from $821,200 within the first quarter of 2025.
That determine contains $810,100 in media income and $61,100 in administration charges tied to Truth.Fi ETF choices. For a publicly traded firm sitting on over $2 billion in complete monetary belongings, the income line is skinny.
The firm did handle to generate almost $18 million in working money move throughout the quarter, helped by promoting choices on its pledged Bitcoin holdings.
Of its complete Bitcoin place, 4,260 BTC has been pledged as collateral for convertible notes, and one other 2,000 BTC is held in opposition to lined name choices as a hedge.
Featured picture from Thomas Fuller/SOPA Images/LightRocket by way of Getty Images, chart from TradingView
