Trump Media posts wider quarterly loss as crypto holdings drag results

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Trump Media quarterly loss

Highlights

Trump Media reported a first-quarter 2026 net loss of $405.9 million, driven by $244 million in unrealized Bitcoin losses and $108.2 million in equity markdowns.
As of March 31, Trump Media held 9,542 Bitcoin with a $1.13 billion cost basis but a fair value of $647 million, and 756 million Cronos tokens valued at $53 million.
Despite losses, Trump Media generated $17.9 million in positive operating cash flow, financial assets rose to $2.1 billion, and revenue increased 6% to $871,200.

SEC filing details crypto-related losses

According to Cointelegraph, in a recent Securities and Exchange Commission filing, Trump Media posted a net loss of $405.9 million in the first quarter of 2026, compared with $31.7 million a year earlier. The company recorded $244 million in unrealized losses on its Bitcoin position and another $108.2 million in investment losses tied mostly to equity securities, leaving nearly $370 million of total quarterly losses linked to digital asset and equity markdowns.

The company says the losses largely stem from Bitcoin purchases made at last summer's market peak. By March 31, Trump Media held 9,542 Bitcoin with a cost basis of $1.13 billion and a fair value of $647 million, implying a gap of nearly $500 million. The average purchase price was about $108,519 per coin, based on roughly 9,500 Bitcoin acquired.

Trump Media also holds 756 million Cronos, or CRO, tokens bought for $113.9 million through a Crypto.com deal last year. Those tokens were worth $53 million at quarter-end. Of its Bitcoin holdings, 4,260 BTC is pledged as collateral for convertible notes, while another 2,000 BTC is held against covered call options used to hedge price swings.

Cash flow stays positive amid pressure on shares

Despite the large loss, Trump Media generated $17.9 million in operating cash flow during the quarter, helped by sales of options tied to its pledged Bitcoin. Total financial assets rose to $2.1 billion, about three times the level of a year earlier.

Revenue totaled $871,200, up 6% from $821,200 in the first quarter of 2025. Media revenue contributed $810,100, while management fees from Truth.Fi ETF offerings added $61,100.

The results arrive after a volatile period for the company. Chief executive Devin Nunes stepped down on April 22, and the stock has fallen more than 90% from its early 2022 peak of $97.54, most recently trading around $8.93.

Elsewhere in the Trump-linked crypto sector, American Bitcoin, the mining company co-founded by Eric Trump and backed by Donald Trump Jr., posted an $81.7 million net loss in the first quarter of 2026. That loss narrowed from $100.6 million a year earlier, while revenue rose 400% to $62.1 million, although it fell short of analyst estimates and was down from the prior quarter.

Our earlier coverage of Strategy (MSTR) highlighted the company’s massive Q1 2026 net loss, driven largely by unrealized fair-value markdowns on its sizeable Bitcoin holdings. We also noted management’s readiness to consider selling part of its BTC reserves to meet preferred-share obligations, underscoring a growing focus on liquidity and balance-sheet flexibility as investors watch how crypto-related volatility feeds into reported results.

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