Trump Media & Technology Group suffered a significant financial setback in the first quarter of 2026, reporting a net loss of around $406 million. This marks a sharp increase from a loss of $32 million in the same period last year, largely due to heavy unrealized losses on its cryptocurrency holdings, especially Bitcoin. According to a recent Securities and Exchange Commission filing, the company recorded $244 million in unrealized Bitcoin losses and an additional $108 million in losses from equity investments.
The company’s crypto portfolio, which includes roughly 9,500 Bitcoin purchased at an average price exceeding $108,000 per coin during last summer’s market peak, experienced a stark decline in value by the end of March. While the cost basis of the Bitcoin holdings stood at $1.13 billion, their market value dropped to $647 million, reflecting an unrealized loss nearing $500 million. Since then, Bitcoin prices have recovered slightly, lifting the portfolio’s value to approximately $770 million. Trump Media also carries a substantial position in Cronos (CRO) tokens, acquired for $114 million but valued at just $53 million by quarter-end.
Part of the Bitcoin holdings—4,260 BTC—is pledged as collateral for convertible debt, with another 2,000 BTC reserved as a hedge through covered call options. Despite the steep paper losses, Trump Media managed to maintain positive operating cash flow, generating nearly $18 million during the quarter. This cash influx was partly supported by selling options linked to the pledged Bitcoin assets.
Financial assets overall ballooned to $2.1 billion, tripling from the previous year, while reported revenue edged up slightly by 6% to $871,200. Revenue streams included $810,100 from media operations and $61,100 in management fees related to TruthFi ETF offerings. Nevertheless, the company’s stock price has tumbled over 90% from its early 2022 peak, and its CEO stepped down recently, reflecting ongoing instability.
Trump Media’s losses come amid wider struggles within Trump-related crypto ventures. For instance, American Bitcoin, a crypto mining company co-founded by Eric Trump and supported by Donald Trump Jr., posted an $82 million loss in Q1 2026. Despite this, American Bitcoin reported record Bitcoin mining output and significant revenue growth, although it missed analyst expectations on earnings per share.