Trump Media Q1 loss widens on bitcoin and CRO markdowns

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Trump Media Q1 loss widens

Highlights

Trump Media's Q1 loss widened to $327.7 million, up from $31.7 million, driven by $244 million in cryptocurrency and $108.2 million equity investment markdowns.
The company held 9,542.16 bitcoin (cost basis $1.13 billion, fair value $647.1 million) and 756.1 million CRO (cost basis $113.9 million, fair value $53 million) as of March 31.
Trump Media posted $17.9 million in operating cash flow, aided by sales of bitcoin-related put options, and pledged 4,260.73 BTC as collateral for convertible notes at quarter-end.

Quarter results and crypto portfolio impact

As reported by CoinDesk, Trump Media says its first-quarter loss expands from $31.7 million a year earlier after booking $244 million in unrealized losses on cryptocurrency holdings and a further $108.2 million investment loss tied mostly to equity securities.

The parent of Truth Social reports revenue of $871,200, up 6% from $821,200 a year earlier. Media revenue totals $810,100, while Truth.Fi contributes $61,100 in management fees linked to ETF offerings.

In an SEC filing, the company says it holds 9,542.16 bitcoin at the end of March, with a cost basis of $1.13 billion and a fair value of $647.1 million at quarter-end. The filing also shows holdings of 756.1 million CRO, with a cost basis of $113.9 million and a fair value of $53 million.

Balance sheet constraints and treasury strategy

A portion of the bitcoin position remains encumbered. Trump Media says 4,260.73 BTC, valued at $289 million at the end of March, serves as collateral for convertible notes.

The company also holds covered call options on 4,000 BTC with a counterparty to hedge volatility exposure, and those options require 2,000 BTC to be posted as collateral. Trump Media reports $17.9 million in operating cash flow for the quarter, helped by selling previously purchased put options on pledged bitcoin and bitcoin-related securities.

The crypto strategy remains central to the group's balance sheet. Trump Media says it closed a $105 million CRO purchase last year through a Crypto.com deal tied to Truth Social and Truth+ rewards, and it previously raised $2.5 billion for a bitcoin treasury strategy before disclosing a $2 billion bitcoin position in July.

Our earlier coverage of Strategy (MSTR) highlighted how the company’s Q1 2026 results were hit by massive unrealized markdowns on its large Bitcoin holdings, putting renewed focus on balance-sheet management. We noted that management signaled greater liquidity flexibility by being open to selling part of its BTC reserves to meet preferred-share obligations, even as the stock showed strong near-term momentum but a largely range-bound technical outlook.

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