RESOLVING THE LEDGER
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Even President Donald Trump’s media company couldn’t escape the Bitcoin bear market. In the second quarter of 2026, Trump Media & Technology Group, the company behind businesses such as Truth Social and prediction market platform Truth Predict, reported a $238 million quarterly loss, according to its most recent quarterly report . More than $190 million came from declines in the value of the company’s Bitcoin, other digital assets, and stock holdings, rather than cryptocurrency sales—meaning the company primarily incurred paper losses that would be reversed if the crypto market bounces back.
Trump Media began primarily as the corporate entity behind Truth Social, which launched in 2022. Three years later, amid record highs for Bitcoin and other digital assets, it broadened into a crypto-focused holding company. As part of that push, it struck partnerships with outside firms, including Singapore-based Crypto.com , to build out its digital-asset strategy. By the end of June, Trump Media held roughly 9,477 Bitcoin, valued at approximately $557 million. It also held more than 756 million Cronos tokens, the cryptocurrency linked to Crypto.com’s Cronos blockchain, worth about $40 million.
But the recent slide in Bitcoin and other digital assets has weighed heavily on the value of Trump Media’s portfolio. Bitcoin has fallen sharply from its $126,000 peak. Over the past year, its price has dropped more than 46%, recently trading near $63,500. Other cryptocurrencies have fared as badly or worse. Cronos has fallen roughly 72% over the past year and was recently trading at around 5 cents.
Trump Media has since begun unwinding parts of its Crypto.com partnership. It ended plans for a separate publicly traded company that would have built a treasury of Cronos tokens and generated yield by staking them, Axios reported Friday.
The pain extended beyond Trump Media. Companies that hold vast amounts of cryptocurrencies on their balance sheets have seen similar consequences. Strategy, the world’s largest corporate Bitcoin holder, has seen its shares slide 76% and sold roughly $430 million worth of Bitcoin since June.
Trump Media’s losses were not only about crypto. The company recorded $25.6 million in legal expenses, largely tied to litigation with former partners and executives over ownership stakes following its 2024 merger with Digital World Acquisition Corp. It also used $13.7 million in operating cash during the first six months of the year.
Diversifying the business
Despite the quarterly loss, Trump Media, which is led by CEO Kevin McGurn, reported signs of progress. Revenue rose 89% from a year earlier to $1.7 million, helped by the commercial launch of its Truth+ streaming service and management fees from its Truth.Fi exchange-traded funds. The company also reported more than $1.9 billion in liquid financial assets, providing a substantial cushion against current operating costs.
Trump Media said it had largely resolved legal disputes tied to its earlier merger, which could lower future administrative expenses. It also announced plans to expand beyond social media through a fourth-quarter merger with TAE Technologies, an energy-security infrastructure company.
Meanwhile, the company said it would revise its Bitcoin treasury strategy to use options and other financial tools to limit volatility. It also plans to increase revenue by expanding its social media and streaming platforms and selling institutional access to platform data through its Truth API service.
This story was originally featured on Fortune.com
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