Trump Media reports staggering $406M loss amid cryptocurrency investment downturn
A massive $405.9 million quarterly deficit at Trump Media stems primarily from paper losses on Bitcoin purchases made during last summer's price highs and Cronos tokens obtained via a partnership with Crypto.com.
Trump Media & Technology Group reported a net loss of $405.9 million during the first quarter of 2026, a significant increase from the $31.7 million loss recorded in the same period last year, as unrealized losses on cryptocurrency investments continued to mount.
The company behind Truth Social recorded $244 million in paper losses related to its Bitcoin holdings and an additional $108.2 million in losses from investments primarily connected to equity securities, with close to $370 million of the quarter's overall losses resulting from digital asset and equity write-downs, based on a recent Securities and Exchange Commission (SEC) filing.
These losses can be primarily attributed to Bitcoin acquisitions executed during last summer's peak market conditions. Trump Media purchased approximately 9,500 Bitcoin at an average price of roughly $108,519 per coin. As of March 31, the firm maintained a position of 9,542 Bitcoin with an initial cost basis of $1.13 billion but a current fair market value of only $647 million, representing a shortfall approaching $500 million. The holdings have experienced some recovery in recent weeks, currently valued at approximately $770 million as Bitcoin trades above the $80,000 mark.
Additionally, the company maintains ownership of 756 million Cronos (CRO) tokens, acquired for $113.9 million through a Crypto.com partnership last year, valued at merely $53 million at the end of the quarter. Among the company's Bitcoin portfolio, 4,260 BTC serves as collateral backing convertible notes while an additional 2,000 BTC stands as security for covered call options designed to mitigate price volatility risks.
Cash flow stays positive despite mounting crypto losses
Notwithstanding the substantial losses, Trump Media successfully produced $17.9 million in operating cash flow throughout the quarter, aided by revenue from selling options contracts linked to its pledged Bitcoin reserves. Overall financial assets climbed to $2.1 billion, representing a threefold increase compared to the same period one year prior.
Quarterly revenue totaled $871,200, reflecting merely a 6% gain from the $821,200 recorded in Q1 2025, comprising $810,100 in media-related revenue and $61,100 derived from management fees associated with Truth.Fi ETF products.
These financial results emerge following a period of significant upheaval for the organization. CEO Devin Nunes resigned from his position on April 22, and the company's stock has plummeted more than 90% from its peak value of $97.54 reached in early 2022, most recently trading around the $8.93 level.
American Bitcoin posts $82 million quarterly loss
According to Cointelegraph's coverage, American Bitcoin, the cryptocurrency mining operation co-founded by Eric Trump and supported by Donald Trump Jr., disclosed an $81.7 million net loss during the first quarter of 2026, representing an improvement from the $100.6 million loss sustained in the corresponding quarter of the previous year.
Quarterly revenue reached $62.1 million, marking a 400% surge from the $12.3 million generated in Q1 2025 but representing a decline from the $78.3 million recorded in the previous quarter, falling short of analyst projections by 17%. The firm additionally disclosed a per-share loss of 8 cents, substantially exceeding Wall Street's consensus estimate of 1 cent.
In spite of missing expectations, American Bitcoin successfully mined a record-setting 817 Bitcoin throughout the quarter, surpassing the 783 Bitcoin mined during Q4 2025.