Trump Media Posts $406M in Quarterly Losses as Bitcoin Bet Backfires

Trump Media & Technology Group posted a $405.9 million net loss in the first quarter of 2026, up from $31.7 million a year earlier, amid growing unrealized losses on its crypto holdings.

The parent company of Truth Social booked $244 million in unrealized losses on its Bitcoin position and a further $108.2 million in investment losses tied mostly to equity securities, with nearly $370 million of the quarter’s total losses stemming from digital asset and equity markdowns, according to a recent filing with the Securities and Exchange Commission (SEC).

The losses mostly trace back to Bitcoin purchases made at last summer’s market peak. Trump Media bought roughly 9,500 Bitcoin at an average cost of around $108,519 per coin. By March 31, the company held 9,542 Bitcoin with a cost basis of $1.13 billion but a fair value of just $647 million, a gap of nearly $500 million. The position has since recovered somewhat, now worth around $770 million with Bitcoin trading above $80,000.

The company also holds 756 million Cronos (CRO) tokens, purchased for $113.9 million as part of a Crypto.com deal last year, which were worth just $53 million at quarter-end. Of the firm’s Bitcoin holdings, 4,260 BTC is pledged as collateral for convertible notes and another 2,000 BTC is held against covered call options to hedge against price swings.

Related: UAE firm bought 49% of Trump-linked crypto startup for $500M

Cash flow stays positive despite mounting crypto losses

Despite the losses, Trump Media still generated $17.9 million in operating cash flow during the quarter, helped by selling options tied to its pledged Bitcoin. Total financial assets reached $2.1 billion, three times the level from a year ago.

Revenue came in at $871,200, up just 6% from $821,200 in Q1 2025, with media revenue of $810,100 and $61,100 in management fees from Truth.Fi ETF offerings.

The results arrive after a turbulent stretch for the company. CEO Devin Nunes stepped down on April 22, and the stock has lost more than 90% of its value since peaking at $97.54 in early 2022, last changing hands around $8.93.

Trump Media shares. Source: Yahoo! Finance

Related: Trump-linked American Bitcoin energizes 11,298 new ASICs

American Bitcoin posts $82 million quarterly loss

As Cointelegraph reported, American Bitcoin, the crypto mining company co-founded by Eric Trump and backed by Donald Trump Jr., posted an $81.7 million net loss in the first quarter of 2026, narrowing from a $100.6 million loss a year earlier.

Revenue came in at $62.1 million, a 400% jump from $12.3 million in Q1 2025 but a step down from $78.3 million in the prior quarter, missing analyst estimates by 17%. The company also reported a loss of 8 cents per share, well above Wall Street’s estimate of 1 cent.

Despite the miss, American Bitcoin mined a record 817 Bitcoin during the quarter, up from 783 in Q4 2025.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions