Trump Media Posts $238 Million Quarterly Loss as Bitcoin Bet Sours
Trump Media & Technology Group, the parent of Truth Social, reported a net loss of $238.1 million for the second quarter of 2026—a significant figure compared to the $20 million loss from the previous year. This shift from a social network to a crypto holding vehicle has become more pronounced.
The bulk of the loss, however, stemmed not from operating the media business but from digital asset markdowns, particularly bitcoin losses totaling $116.7 million due to declining crypto prices. In contrast, revenue reached a modest $1.67 million, up 89% year-over-year.
While the loss narrowed compared to the previous quarter, there’s a notable double-edged trend: while things got worse against last year, they improved significantly from the first quarter of this year.
Trump Media held approximately 14,139 BTC as of July 31st, worth around $890.5 million at a price near $62,982—an increase from 9,477 coins and $557 million at the end of June. They also accumulated more bitcoin by liquidating $159.6 million in equity securities invested in bitcoin-related products.
The company’s treasury strategy involves buying through market dips, but this also means the balance sheet fluctuates with bitcoin’s price volatility. Operating expenses, including $25.6 million in legal fees and $35.9 million in general and administrative costs, combined with $13.7 million used in operations, highlight the significant costs associated with maintaining such a treasury.
In response, Trump Media announced a more disciplined approach to managing its digital assets, aiming to reduce volatility while retaining long-term crypto exposure. They also terminated a planned "CRO" treasury venture with Crypto.com, focusing instead on revitalizing Truth Social.