Trump Media posts $405.9M Q1 loss on Bitcoin, equity write-downs

Trump Media & Technology Group reported a $405.9 million net loss for the first quarter of 2026, with $368.7 million of that tied to unrealized markdowns on digital assets and equity securities.

The company said most of the shortfall was non-cash. Stock-based compensation totaled $11.8 million and accreted interest added $11.5 million. Filings show the operating business produced limited revenue while the firm held substantial digital-asset positions.

TMTG valued its crypto treasury at $821.9 million against a $1.24 billion cost basis, creating a paper deficit of about $423.06 million. The treasury included 9,542 Bitcoin, valued at roughly $767 million at current prices, acquired at an average cost of $118,529 per coin. The company’s Bitcoin balance declined by about 2,000 BTC in late February from 11,542 BTC. Bitcoin fell about 22% during the quarter, its worst quarterly performance since 2018. TMTG also held 756 million Cronos (CRO) tokens, valued at about $54 million.

Truth Social generated $0.9 million in revenue for the quarter. Operating cash flow was positive at $17.9 million, marking the fourth straight quarter of positive operating cash flow.

Total assets rose to $2.2 billion, up from $759 million a year earlier. The company said it is pursuing strategic options, including a proposed merger with TAE Technologies, and is using liquidity and cash flow to expand platform infrastructure and business lines. It also said it is developing new Truth Social features, including prediction-market tools, a sports section and broader use of artificial intelligence across the platform.

Interim CEO Kevin McGurn noted, “Trump Media is using its strong balance sheet and positive operating cash flow to continue growing all our businesses and platform infrastructure. 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.”

The filings show the reported losses were largely unrealized declines tied to market prices and were reflected in the quarter’s results.