Trump Media posts $405.9M Q1 loss on crypto, equity markdowns

Trump Media & Technology Group posted a $405.9 million net loss for the quarter ended March 31, 2026. The company reported $368.7 million of unrealized markdowns on digital assets and equity securities after Bitcoin’s price fell roughly 22% during the quarter.

The company described the markdowns as non-cash adjustments to the value of its crypto and equity holdings. TMTG’s crypto treasury was valued at $821.9 million at quarter-end compared with a $1.24 billion cost basis, leaving the position about $423.1 million below purchase price.

TMTG held 9,542 Bitcoin at quarter-end, valued at about $767 million, after reducing its balance by 2,000 coins in late February from 11,542 BTC. The company reported an average acquisition cost of $118,529 per Bitcoin. It also held 756 million Cronos (CRO) tokens, valued at roughly $54 million.

Other items that increased the loss included $11.8 million in stock-based compensation and $11.5 million of accreted interest. Operating cash flow was positive $17.9 million for the quarter, marking the fourth consecutive quarter of positive operating cash flow.

Truth Social produced $0.9 million in revenue during the quarter. Total assets rose to $2.2 billion, up from $759 million a year earlier.

Interim CEO Kevin McGurn commented, “Trump Media is using its strong balance sheet and positive operating cash flow to continue growing all our businesses and platform infrastructure.” He added the company is working to advance a proposed merger with TAE Technologies and is exploring other strategic options to increase shareholder value.

The company said it is developing new Truth Social features, including prediction-market tools, a sports section and expanded use of artificial intelligence across the platform.