Crypto and Equity Markdowns Drive Trump Media’s $406 Million Q1 Loss

Trump Media & Technology Group (TMTG) posted a $405.9 million net loss for the first quarter of 2026, dominated by non-cash losses.

Unrealized losses on digital assets and equity securities reached $368.7 million, almost the entire shortfall. Stock-based compensation added $11.8 million, alongside $11.5 million of accreted interest.

Bitcoin Treasury Drives Paper Losses as Prices Drop

TMTG’s crypto treasury is valued at $821.9 million against a $1.24 billion cost basis, per CoinGecko data. The position is roughly $423.06 million underwater overall.

The treasury contains 9,542 Bitcoin (BTC) worth $767 million, acquired at an average cost of $118,529 per coin. TMTG’s Bitcoin balance dropped by 2,000 BTC in late February, down from 11,542 BTC.

Bitcoin fell roughly 22% during Q1 2026, marking its worst quarter since 2018. The company also holds 756 million Cronos (CRO), worth $54 million. 

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Trump Media’s Financial Assets Climb to $2.1 Billion as Revenue Stays Thin

Meanwhile, the operator of Truth Social produced just $0.9 million in revenue. Operating cash flows totaled $17.9 million, marking the company’s fourth straight positive quarter.

The firm’s total assets reached $2.2 billion. The figure nearly tripled from $759 million a year earlier.

“Trump Media is using its strong balance sheet and positive operating cash flow to continue growing all our businesses and platform infrastructure. Even as we work toward advancing our proposed merger with TAE Technologies as quickly as possible, we’re identifying new growth opportunities and new ways to increase shareholder value,” Interim CEO Kevin McGurn said.

Trump Media also said it is developing new Truth Social features, including prediction-market tools, a sports section, expanded use of artificial intelligence across the platform, and more.

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