Trump Media’s Crypto Bet Implodes With Massive $406M Quarterly Loss
Trump Media & Technology Group, parent company of Truth Social, reported a massive $406 million net loss in Q1 2026, sharply up from $31.7 million a year earlier. The collapse was driven primarily by $370 million in unrealized losses from digital asset investments. These include a $61 million loss on 756 million Cronos tokens and a nearly $500 million gap on 9,542 Bitcoin purchased near the 2025 market peak, though Bitcoin's recent recovery has reduced that paper loss.
Adding to turmoil, CEO Devin Nunes resigned in late April. Meanwhile, the company's core media revenue was only $871,200, a minimal increase. Despite the financial losses, the company generated $18 million in operating cash flow by selling options on its pledged Bitcoin holdings. Its stock, once valued at over $97, now trades around $9, reflecting a more than 90% decline from its 2022 peak.
bitcoinist05/11 13:05
