Trump Media and Technology Group (TMTG), the parent company behind former U.S. President Donald Trump’s Truth Social platform, reported a $54.8 million net loss in its third-quarter earnings, widening from $19.3 million during the same period last year. The company said the higher losses were primarily due to escalating costs, including $20.3 million in legal expenses.
TMTG’s total revenue for the quarter stood at $972,900, down 3.8% from a year earlier when it earned just over $1 million. Shares of Trump Media (ticker: DJT) closed trading on Friday down 1.73% at $13.10, before seeing a slight bounce in after-hours trading to $13.20. Despite the company’s growing crypto holdings, the financial results suggest that digital assets have not been enough to offset its operational and legal costs.
Expanding Bitcoin and Cronos portfolios
As of September 30, Trump Media reported holding 11,542 Bitcoin (BTC), which equates to roughly $1.23 billion based on late September valuations. The company first announced its foray into Bitcoin investments in late July and has since stated plans to acquire additional cryptocurrencies “and the acquisition of other, similar cryptocurrencies.”
TRUMP MEDIA AND TECHNOLOGY GROUP HOLDS OVER $1 BILLION OF BITCOIN
— Arkham (@arkham) November 8, 2025
Trump Media and Technology Group ($DJT) has disclosed holdings of over $1.3 Billion of BTC as of September 30th 2025.$DJT holds $BTC. pic.twitter.com/WzAIOnN29y
Bitcoin and other digital assets have contributed to the company’s income stream. Trump Media said it generated $15.3 million in realized income from Bitcoin options investments and recorded $33 million in unrealized gains from holding over 746 million Cronos (CRO), the native token of the Cronos blockchain. At the end of September, CRO was trading around $0.18.
The company stated in July that it began accumulating Bitcoin as part of a broader investment strategy started in May, following the successful raising of $1.5 billion from stock sales and $1 billion from convertible senior secured bonds.
Strategic partnership with Crypto.com
In August, Trump Media entered into an agreement with Crypto.com and Yorkville Acquisition Corp to launch Trump Media Group CRO Strategy, a new digital asset treasury venture. The company said this entity will focus on acquiring and managing holdings of the CRO token. According to the Q3 results, the strategy could eventually result in purchases of up to $1 billion worth of Cronos, estimated to amount to over 6.3 trillion tokens.
Devin Nunes, Trump Media’s CEO and president, said in a statement that the “third quarter was crucial to Trump Media’s expansion plans,” adding that the company has “secured our financial future with a massive Bitcoin treasury, and expanded our existing platforms.”
He further commented:
“With these financial assets now earning income, alongside our second consecutive quarter of positive operating cash flow, we’re well-poised to act on our mergers and acquisitions strategy by acquiring one or more of the crown jewel assets we’re now evaluating, with an eye toward those that will bring the most long-term value for our shareholders.”
Stock volatility amid crypto exposure
Trump Media’s financial assets surged from $274 million in March 2024, when the company went public via a special-purpose acquisition company (SPAC) merger, to $3.1 billion as of September 30, Nunes noted. However, the company’s stock has been under pressure since its debut, declining about 61% year-to-date, reflecting market volatility and investor skepticism around its profitability prospects.
TMTG’s fortunes remain closely intertwined with Truth Social, its flagship social media platform that serves as Donald Trump’s main communication channel. The platform’s user engagement is a key performance driver, though the company, unlike most publicly traded social media entities, does not regularly disclose metrics such as monthly or daily active users.
While Trump Media has successfully built a sizable crypto treasury and expanded its balance sheet with digital assets, the ongoing legal costs, limited revenue, and stock volatility continue to weigh heavily on the company’s path to profitability.
Gunel Ismayilova
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