Trump Media swings to $406m loss as crypto valuation drops

The parent company of Donald Trump’s Truth Social posted a $405.9 million net loss in the first quarter, mostly driven by a slump in cryptocurrency prices.

Trump Media & Technology posted a positive operating cash flow of $17.9 million and $2.1 billion in financial assets in its first quarter – triple the amount reported in the same period a year ago.

But its losses soared to nearly $406 million in the first three months of 2026, with around $370 million tied to unrealized liabilities in digital assets and equities. These were “non-cash losses including unrealized losses on digital assets, digital assets pledged, and equity securities ($368 million), accreted interest ($11.5 million), and stock based compensation ($11.8 million)” according to the press release.

The company reported just a little over $870,000 in quarterly revenue, even as net sales rose 6%.

According to Bloomberg, Trump Media currently has over 9,500 Bitcoin in its treasury, purchased last July at an average acquisition cost of $108,519. Around 2,000 Bitcoin were sold in February at just under $70,000 each, after the cryptocurrency’s price had fallen by roughly a third.

Interim chief executive officer Kevin McGurn said the company “is using its strong balance sheet and positive operating cash flow to continue growing all our businesses and platform infrastructure.”

He also added that Truth Social “remains a bastion of free speech with innovative enhancements coming soon”.

The news comes as the company is expanding beyond social media and crypto ventures. In December 2025, it was announced that Trump Media & Technology would merge with a fusion power company, TAE Technologies, in an all-stock deal valued at more than $6bn.

The combined company plans to begin construction on the world’s first utility-scale fusion power plant (50 MWe), aiming to provide more electricity to power AI.