Trump Media crypto losses reached $405.9 million in the first quarter, driven almost entirely by Bitcoin bought at last summer’s peak and a batch of Cronos tokens acquired through a Crypto.com partnership. The parent company of Truth Social booked $244 million in unrealised losses on its Bitcoin position and another $108.2 million in investment losses tied mostly to equity securities, according to a filing with the Securities and Exchange Commission.
Nearly $370 million of the quarter’s total losses came from digital asset and equity markdowns. The net loss of $405.9 million compares to $31.7 million a year earlier.
Trump Media crypto losses trace to summer Bitcoin buys
The Trump Media crypto losses stem mostly from timing. Trump Media & Technology Group bought roughly 9,500 Bitcoin at an average cost of around $108,519 per coin. By 31 March, the company held 9,542 Bitcoin with a cost basis of $1.13 billion but a fair value of just $647 million. The gap was nearly $500 million.
The position has since recovered somewhat. It is now worth around $770 million with Bitcoin trading above $80,000.
| Asset | Units Held | Cost Basis | Fair Value (31 Mar) |
|---|---|---|---|
| Bitcoin | 9,542 | $1.13 billion | $647 million |
| Cronos (CRO) | 756 million | $113.9 million | $53 million |
| Total Crypto Loss | – | – | $352.2 million |
| Equity Securities Loss | – | – | $108.2 million |
The company also holds 756 million Cronos tokens, purchased for $113.9 million as part of the Crypto.com deal last year. Those were worth just $53 million at quarter-end.
Of the Bitcoin holdings, 4,260 BTC is pledged as collateral for convertible notes. Another 2,000 BTC is held against covered call options to hedge against price swings.
Cash flow positive despite the markdowns
Despite the Trump Media crypto losses, the company generated $17.9 million in operating cash flow during the quarter. It helped that the company sold options tied to its pledged Bitcoin. Total financial assets reached $2.1 billion, three times the level from a year ago.
Revenue came in at $871,200, up 6% from $821,200 in the first quarter of 2025. Media revenue was $810,100. Management fees from Truth.Fi ETF offerings brought in $61,100.
Share price still down more than 90%
The Trump Media crypto losses landed alongside operational shake-up. CEO Devin Nunes stepped down on 22 April. The stock has lost more than 90% of its value since peaking at $97.54 in early 2022. It last changed hands around $8.93.
The company is listed on the Nasdaq. UK investors can access US equities through London Stock Exchange intermediaries or international brokers. The losses come as other Trump-linked crypto ventures also post red ink. 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.
This article is for information purposes only and does not constitute investment advice. Readers should not act on any information contained here without first consulting an authorised financial adviser. Past performance is not a reliable indicator of future results.
