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Crypto drags results
Trump Media and Technology Group, the parent company of Donald Trump’s Truth Social platform, reported a loss of more than $400m in the first quarter of 2026, driven largely by the slumping value of cryptocurrency assets.
“reported a loss of more than $400m in the first quarter of 2026”
In a March 31 company filing, TMTG reported revenue of about $870,000 for the first three months of the year, while its losses were tied to a significant buy in cryptocurrency.
Al Jazeera reported that the company’s first-quarter results were shaped by crypto-linked markdowns, with the death toll of losses described as “unrealized losses on digital assets” and other investment categories.
The Guardian similarly said the “vast bulk” of losses were “non-cash losses including unrealized losses on digital assets, digital assets pledged, and equity securities ($368m), accreted interest ($11.5m), and stock based compensation ($11.8m)”, tying the quarterly drag to crypto and related holdings.
Bitcoin exposure details
TMTG’s crypto exposure centered on Bitcoin purchases made at last summer’s market peak, with Menafn saying the company bought roughly 9,500 BTC at an average cost of about $108,519 per coin.
As of March 31, Menafn reported TMTG held 9,542 Bitcoin with a cost basis of $1.13 billion and a fair value of just $647 million, a gap of about $500 million.
Menafn also said 4,260 BTC were pledged as collateral for convertible notes and another 2,000 BTC were held against covered call options to hedge price swings.
Cointelegraph added that 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, and that the position had since recovered somewhat to around $770 million with Bitcoin trading above $80,000.
What happens next
Despite the crypto-driven losses, TMTG said it would keep investing in its platform and infrastructure, with Al Jazeera quoting interim chief executive officer Kevin McGurn saying the company “is using its strong balance sheet and positive operating cash flow to continue growing all our businesses and platform infrastructure”.
“is using its strong balance sheet and positive operating cash flow to continue growing all our businesses”
The Guardian reported that most of the losses stemmed from $3.5bn in bitcoin buys the company made in 2025 when it announced plans to establish a “bitcoin treasury,” while also noting the crypto asset’s value had dropped by about a third since then.
TMTG is also pursuing a merger with TAE Technologies, and Al Jazeera quoted McGurn saying, “Even as we work toward advancing our proposed merger with TAE Technologies as quickly as possible, we’re identifying new growth opportunities and new ways to increase shareholder value,” linking the next steps to both crypto exposure and the deal.
Cointelegraph reported that CEO Devin Nunes stepped down on April 22, as the company’s results arrived after a turbulent stretch in which its stock had lost more than 90% of its value since peaking at $97.54 in early 2022 and was last changing hands around $8.93.
