Trump Media and Technology Group, the parent company of Truth Social, reported a steep $54.8 million loss in the third quarter despite its massive cryptocurrency investments, underscoring the challenges the company faces as it leans heavily into digital assets. The loss marks a sharp increase from the $19.3 million deficit recorded during the same period last year, with revenue slipping slightly to $972,900 from over $1 million.
The company revealed it now holds 11,542 Bitcoin—worth approximately $1.3 billion as of September 30—after beginning its accumulation in late July. This makes Trump Media one of the largest corporate holders of Bitcoin globally. The firm said it plans to expand its crypto portfolio further and may explore similar digital assets as part of a broader investment strategy launched earlier this year. Shares of Trump Media (DJT) closed at $13.10 on Friday, down 1.73%, with only a modest rebound to $13.20 in after-hours trading.
Trump Media’s Bitcoin venture, however, did deliver some financial gains. The company reported $15.3 million in realised income from Bitcoin options trading and $33 million in unrealised gains from its holdings of over 746 million Cronos (CRO), the native token of the Cronos blockchain. At the end of September, Cronos traded at about $0.18.
The company’s pivot toward digital assets began in May after it raised $1.5 billion through stock sales and another $1 billion from convertible senior secured bonds. CEO Devin Nunes described the quarter as “crucial” for Trump Media’s expansion plans, highlighting its growing Bitcoin reserves and expanding media operations. “We have secured our financial future with a massive Bitcoin treasury and are positioned to pursue strategic acquisitions,” Nunes said in a statement.
In August, Trump Media partnered with Crypto.com and Yorkville Acquisition Corp to launch Trump Media Group CRO Strategy, a digital asset subsidiary focused on acquiring Cronos tokens. The initiative aims to invest up to $1 billion—equivalent to more than 6.3 trillion CRO tokens—according to the company’s quarterly filing. Nunes said the strategy is intended to generate income and fund future acquisitions that could “bring long-term value for shareholders.”
Despite building a substantial crypto war chest, Trump Media’s stock has struggled to gain traction. Since going public in March 2024, the company’s financial assets have grown from $274 million to $3.1 billion, yet its share price has plummeted about 61% year-to-date. Analysts say the results highlight the company’s dependence on volatile digital markets and its struggle to translate crypto gains into sustainable business growth.
