Trump Media Books $190 Million Paper Loss Across Crypto and Equities

Trump Media & Technology Group (DJT) posted a $238.1 million net loss for the second quarter of 2026, with unrealized markdowns on its crypto and equity holdings accounting for most of the shortfall.

The Truth Social parent narrowed its deficit from the $405.9 million loss recorded in the first quarter. Non-cash items again dominated results, as the company reported just $1.7 million in revenue against a $223.5 million adjusted EBITDA loss.

Crypto Markdowns Drive the Quarterly Loss For Trump Media

The bulk of the loss stemmed from $190.4 million in unrealized losses. This included digital assets, pledged digital assets, and equity securities held on the balance sheet.

Accounting rules require companies to mark down holdings when prices fall below their carrying value. That mechanism turned Trump Media’s crypto exposure into the dominant line item.

The result marks a second straight quarter shaped by digital asset volatility. In the previous filing, similar markdowns reached $368.7 million.

Shares closed at $9.39 on August 10, down 8.03% for the session from a prior close of $10.21. The stock slipped a further 0.53% to $9.34 in after-hours trading.

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McGurn Points to TAE Merger and Data Licensing

Interim CEO Kevin McGurn framed the planned merger with fusion energy firm TAE Technologies as the key value driver.  McGurn expects the deal to close in the fourth quarter. 

The new revenue stream arrives as Trump Media retreats from earlier crypto ventures, including a terminated CRO treasury plan with Crypto.com.

“We’re making meaningful progress toward our proposed merger with TAE Technologies, which we believe is the most important driver of long-term shareholder value and a natural extension of our commitment to building durable, un-cancellable infrastructure, this time in energy security,” he said.

The firm also launched Truth API, its first data licensing product, on August 1. It has since signed more than 10 customer agreements. The rollout drew scrutiny over data plans tied to Truth Social.

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