Trump Media posts $405 million loss driven by crypto holdings
The Trump family media group posted a net drop of $405.9 million in the first quarter, largely driven by unrealized losses in cryptocurrencies held by the company.
Trump Media & Technology Group Corp., which is the parent company of Truth Social, released its first-quarter 2026 results on Friday reporting a positive operating cash flow of $17.9 million and $2.1 billion in financial assets, which is triple the assets from the same period a year ago.
However, the company’s investment in cryptocurrencies at the peak of the market last summer drove hundreds of millions in losses this quarter. Close to $370 million of the company’s losses came from unrealized liabilities in digital assets and equities.
Trump Media currently has over 9,500 Bitcoin in its treasury and purchased the digital assets last July at an average cost of $108,519, per CoinGecko. The company sold 2,000 Bitcoin in late February, when the price of the digital currency was just under $70,000.
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Currently, Bitcoin is valued at a little over $80,000, after a dramatic swing over the last year with the digital currency peaking at $126,000 in October before dropping dramatically to $60,000 in early February.
Trump Media’s CEO, Devin Nunes, a former Republican congressman from California, stepped down on April 22. The company’s stock has tumbled more than 90% since early 2022, when it rose as much as $97.54. The current stock price is $8.93.
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Trump Media is the parent of the social-media network that President Trump launched after Twitter banned him following the Jan. 6, 2021, riot at the US Capitol.
This story was originally featured on Fortune.com