Trump Media Reports $54.8 Million Q3 Loss As Its Bitcoin Holdings Climb to $1.3 Billion
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Trump Media and Technology Group, which operates the Truth Social platform, reported a $54.8 million loss for the third quarter on November 8, up from $19.3 million in the same period last year.
Q3 Revenue Falls as Crypto Portfolio Expands
Trump Media reported total revenue of $972,900 for the quarter that ended September 30, down from $1.01 million a year ago.
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Most of its earnings still come from advertising on Truth Social, but the platform continues to struggle with consistent monetisation despite President Trump’s large online following.
Trump Media’s stock, DJT, closed at $13.10 and rose slightly to $13.20 after hours. So far this year, DJT shares have lost 61.58%, reflecting persistent investor unease about the company’s path to profitability.
The firm reported $15.3 million in realised gains from Bitcoin sales and another $33 million in unrealised gains from more than 746 million Cronos tokens.
As of September 30, Trump Media held 11,542 Bitcoin. It began purchasing the asset in May after raising $1.5 billion through stock sales and another $1 billion via convertible bonds.
In July, the company said it planned to expand its digital asset holdings. The following month, it joined forces with Crypto.com and a blank-check acquisition firm to pursue a venture built around Cronos tokens.
Its third-quarter filing revealed plans to buy up to $1 billion worth of Cronos, equivalent to about 6.3 trillion tokens.
CEO Devin Nunes described the third quarter as a key phase in the company’s growth. He said its total financial assets had increased from $274 million in March 2024 to $3.1 billion by the end of September.
Still, the company’s continued dependence on advertising leaves a major gap in its core business model.
Lawmakers Question Trump-Linked Crypto Ventures
Trump Media’s growing focus on crypto has drawn political attention. Executives maintain that President Trump does not shape the company’s investment decisions, but his family’s close involvement continues to spark debate.
His sons have played visible roles in guiding the company’s strategy since its launch.
Beyond Trump Media, the Trump family’s reach in the digital asset space extends to ThumzUp Media and World Liberty Financial (WLFI).
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Lawmakers say these overlapping interests could create an uneven playing field for other market participants.
On October 27, Congressman Ro Khanna said he would introduce legislation that would ban President Trump and his family from trading individual stocks or cryptocurrencies.
The bill would also apply to federal elected officials.
WLFI, led by one of Trump’s sons, has already faced criticism for limiting token sales by early investors to 20% of their holdings.
Meanwhile, ThumzUp Media recently secured $50 million in funding and partnered with Coinbase to expand its XRP treasury.
The growing network of crypto ventures linked to the Trump family has raised concerns in Washington. If new restrictions move forward, Trump Media and its related firms could face tougher rules on future digital asset activity.
