Trump Media posts $406M loss on crypto

Trump Media & Technology Group reported a $405.9 million net loss in the first quarter of 2026 as unrealised losses tied to Bitcoin and Cronos token holdings sharply widened from a $31.7 million loss a year earlier.

The parent company of Truth Social recorded $244 million in unrealised losses on Bitcoin holdings alongside $108.2 million in broader investment losses, with digital asset markdowns accounting for most of the quarter’s decline.

Trump Media accumulated roughly 9,500 Bitcoin at an average purchase price of about $108,519 per coin during last year’s market peak, leaving the company with a nearly $500 million valuation gap by March 31 despite some recovery in Bitcoin prices since then.

The company also held 756 million Cronos tokens acquired through a Crypto.com partnership, with the position falling from a purchase value of $113.9 million to around $53 million at the end of the quarter.

Despite mounting crypto losses, Trump Media generated $17.9 million in operating cash flow during the quarter through option sales linked to pledged Bitcoin holdings, while total financial assets rose to $2.1 billion from the previous year.

Revenue increased modestly to $871,200 from $821,200 a year earlier, including $810,100 from media operations and $61,100 in management fees tied to Truth.Fi exchange-traded fund products.

The results followed a turbulent period for the company after chief executive Devin Nunes stepped down in April, while shares have fallen more than 90% from their 2022 peak and recently traded near $8.93.

At the time of reporting, Bitcoin price was $82,259.58.