Trump Media & Technology Group reported a $405.9 million net loss for the first quarter of 2026, as unrealized losses on cryptocurrency holdings and other investments weighed heavily on the parent company of Truth Social.
The company generated $871,200 in revenue during the three months ended March 31, up 6% from $821,200 in the same period last year. The revenue increase was small compared with the scale of the reported loss, which widened sharply from $31.7 million a year earlier.
According to company filings, the largest part of the quarterly loss came from non-cash markdowns tied to digital assets, digital assets pledged as collateral and equity securities. Reports showed that unrealized losses on cryptocurrency holdings totaled about $244 million, equal to roughly 60% of the company’s $405.9 million net loss.
Trump Media also recorded a $108.2 million investment loss tied mainly to equity securities. In a company statement, Trump Media cited $368 million in non-cash losses across digital assets, pledged digital assets and equity securities, along with $11.5 million in accreted interest and $11.8 million in stock-based compensation.
Bitcoin and CRO Holdings Drive Paper Losses
Trump Media built a large cryptocurrency position in 2025 after announcing a Bitcoin treasury strategy. The company raised $2.5 billion for the plan and later disclosed a Bitcoin stack valued at $2 billion at the time.
At the end of March, Trump Media held 9,542.16 Bitcoin. The company reported a cost basis of $1.13 billion for the position and a fair value of $647.1 million at quarter-end. Based on later market prices cited in reports, the Bitcoin holdings were worth about $770 million.
Part of the company’s Bitcoin position is pledged as collateral. Trump Media said 4,260.73 Bitcoin, worth $289 million at the end of March, supported convertible notes. The company also held covered call options on 4,000 Bitcoin, with 2,000 Bitcoin required to remain with a counterparty as collateral.
Trump Media also held 756.1 million Cronos tokens, known as CRO. Those tokens had a cost basis of $113.9 million and a fair value of $53 million at the end of the quarter. The company bought $105 million in CRO last year as part of a Crypto.com-linked agreement connected to Truth Social and Truth+ rewards.
Revenue Remains Limited Despite Political Visibility
Trump Media’s operating business remains much smaller than its balance sheet exposure to digital assets. Media revenue totaled $810,100 during the quarter, while Truth.Fi generated $61,100 in management fees tied to exchange-traded fund offerings.
Truth Social remains the company’s main platform and one of President Donald Trump’s main communication channels. The platform was created after Trump was removed from major social networks in 2021 following the attack on the U.S. Capitol.
Although Truth Social has broad political visibility, its revenue remains below $1 million per quarter. The company’s first-quarter results show that investment activity and digital asset valuations currently have a much larger effect on reported earnings than advertising or platform revenue.
Trump Media reported $17.9 million in operating cash flow for the quarter. The company said the figure was supported by the sale of previously purchased put options tied to pledged Bitcoin and Bitcoin-related securities.
Merger Plans and Balance Sheet Strategy Continue
Trump Media ended the quarter with $2.2 billion in total assets, including about $2.1 billion in financial assets such as cash and digital assets. Interim Chief Executive Kevin McGurn said the company is using its balance sheet and operating cash flow to support business growth and platform infrastructure.
McGurn, appointed interim chief executive on April 21, also said Trump Media is continuing work on its proposed merger with TAE Technologies. The planned transaction, valued at about $6 billion, would combine Trump Media with a California-based nuclear fusion company focused partly on future power supply for artificial intelligence data centers.
The company is also exploring a possible spin-off of Truth Social into a separate publicly traded entity. It has introduced a digital token initiative for DJT shareholders and continues to expand financial products under Truth.Fi.
