Trump Media Takes $406 Million in Bitcoin and Equity Losses

Truth Media & Technology Group (TMTG), which operates Truth Social and other Trump-popular media and technology platforms, reported a net loss of nearly $406 million in the first three months of 2026, according to a new SEC disclosure.

The steep decline is primarily due to non-cash unrealized losses, including approximately $244 million in digital assets, primarily Bitcoin, along with approximately $108 million in equity securities and investments.

Trump Media reported no change in Bitcoin's position, ending the quarter at 9,542 coins, valued at $767 million at current market value. This puts it as the 13th largest corporate owner of the crypto asset.

The company holds 756 million Kronos tokens acquired through a purchase agreement with Crypto.com last year. Those tokens are now worth around $53 million.

Beyond direct crypto holdings, the company carries $554 million at the end of 2025, down from $722 million. Those positions resulted in another $162 million in unrealized losses, partly due to a $37 million gain on options trading and a $17 million realized gain.

The company generated positive operating cash flow of nearly $18 million during the quarter, the fourth consecutive quarter it has done so. Revenue rose 6 percent year-over-year to $871,000, which came primarily from Truth Social and early payments from its Truth.Fi financial products.

In the year As of March 31, 2026, Trump Media will have total assets of $2.24 billion, including approximately $280 million in cash, cash equivalents and restricted cash, secured by $953 million in convertible notes and other liabilities.

Leadership transition

Trump Media has undergone major leadership changes in recent weeks as the company shifts its strategic direction.

Replacing Devin Nunes, Kevin J. McGurn was appointed interim CEO in April 2026, several board members were dismissed and new people joined the leadership, including Boris Epstein and Meredith O'Rourke.

The changes come amid TMTG's growing focus on energy, AI infrastructure and digital assets.

TMTG has moved beyond its social media presence with a $6 billion merger with fusion energy company TAE Technologies and deals with True Social and True+.