Trump Media & Technology Group reported a $238.1 million net loss for the second quarter on Aug. 10 as falling digital asset and securities valuations continued to weigh on its balance sheet.
Summary
- Trump Media posted a $238.1 million Q2 loss, with $190.4 million from unrealized asset losses.
- Bitcoin holdings rose to 14,139 BTC by July 31 after Trump Media bought additional coins.
- The company pledged 2,077.34 BTC for options and 4,260.73 BTC against convertible notes in June.
- Trump Media terminated its planned CRO treasury venture days before announcing a revamped treasury framework.
- Q2 revenue rose 89% to $1.67 million, while quarterly operating cash use reached $13.7 million.
The Truth Social operator simultaneously announced plans for a “more disciplined digital asset treasury management framework” aimed at retaining long term crypto exposure while reducing volatility and making its assets more productive.
The U.S. listed company remains closely linked to Donald Trump through its ownership structure. Its latest annual report said the Donald J. Trump Revocable Trust, of which Trump is sole beneficiary, held about 41.1% of TMTG’s voting power as of Feb. 25. Donald Trump Jr. serves as sole trustee.
Trump Media Q2 loss reflects crypto markdowns
Trump Media’s Aug. 10 filing put quarterly revenue at $1.67 million, up 89% from $883,300 a year earlier. The increase came from advertising services under a barter agreement, subscriptions to the Truth+ Patriot Package and management fees from Truth.Fi funds. Lower advertising revenue at Truth Social partly offset those gains.
The much larger change came from the investment portfolio. Trump Media recorded $116.7 million in realized and unrealized losses on digital assets and pledged digital assets during Q2, alongside investment losses tied to securities. Its release placed combined unrealized losses across digital assets, pledged assets and equity securities at $190.4 million. It also reported $25.6 million in legal expenses and $13.7 million of cash used by operating activities.
Management said legacy legal matters have been substantially resolved and “expects” those costs to decline materially. The expected reduction remains a forward looking company assessment rather than a reported saving. General and administrative expenses actually rose to $35.9 million during Q2 from $28.6 million one year earlier.
The result follows the $405.9 million first quarter loss covered in earlier earnings coverage, when falling Bitcoin and Cronos valuations produced another large noncash hit to Trump Media’s accounts.
Bitcoin holdings jumped to 14,139 BTC in July
Trump Media held 9,477.16 BTC at June 30, carrying a fair value of about $557.1 million against a cost basis of roughly $1.01 billion. It also held about 756.1 million CRO valued at $40.6 million. The Bitcoin balance was slightly below the 9,542.16 BTC reported at the end of 2025.
The picture changed sharply after quarter end. Trump Media sold $159.6 million of equity securities invested in Bitcoin related products during July and used the proceeds to purchase Bitcoin directly. By July 31, the company reported approximately 14,139 BTC, including pledged coins, worth about $890.5 million at the $62,982 reference price used in its accounts.
That official figure provides a firmer baseline than wallet movements alone. In earlier Bitcoin transfer coverage, onchain analysts flagged large transfers to Crypto.com but the report cautioned that exchange deposits did not prove completed sales. The new filing confirms the July 31 balance, although it does not determine whether a separate Aug. 2 transfer of 2,628 BTC was later sold, pledged or moved for another purpose.
Trump Media is using Bitcoin for options and yield
The treasury is also more complex than a passive Bitcoin holding. Trump Media reported that 4,260.73 BTC, worth about $250.5 million at June 30, backed convertible notes. Those coins face withdrawal restrictions tied to the debt agreement through no later than May 29, 2028. Another 2,077.34 BTC was pledged to support the company’s Bitcoin options strategy.
The company also disclosed for the first time that it has placed some Bitcoin with third parties through lending, placement and other yield arrangements. Its SEC filing warns that these activities create counterparty credit, insolvency, liquidation and custody risks. Some counterparties may rehypothecate the Bitcoin, while deployed assets do not receive government insurance protections similar to qualifying bank deposits.
Trump Media has not disclosed new numerical limits for those strategies in its Q2 announcement. Its promised “more disciplined” framework therefore remains a broad policy direction for now. Future filings will show whether the company reduces pledged Bitcoin, changes its use of options, lowers third party exposure or simply adjusts how those positions are managed.
CRO exit window and TAE merger are next
The strategy change arrives days after Trump Media abandoned another major crypto expansion. On Aug. 7, the company terminated the proposed Trump Media Group CRO Strategy business combination and associated agreements. The development followed plans for a multibillion dollar Cronos treasury vehicle involving Crypto.com and Yorkville, as detailed in recent CRO treasury coverage.
Trump Media’s existing CRO balance remains separate from the canceled venture. Under the purchase terms disclosed in its filing, the company becomes eligible on Aug. 26 to sell up to 68,442,704 CRO during the following six months. That creates the next concrete date to watch as management reshapes its crypto exposure.
Attention is also shifting toward the proposed merger with fusion company TAE Technologies. Trump Media says it is targeting the fourth quarter of 2026 for completion, but the timetable is “subject to customary regulatory and closing conditions.” An Aug. 7 SEC report continued to state that the company intends to file a Form S-4 covering the transaction. Shareholder approvals and other closing conditions also remain outstanding steps.
Meanwhile, Trump Media is seeking more revenue outside its investment portfolio. Truth API launched Aug. 1 and the company says it has signed more than 10 customer agreements and is “already generating revenue.” Since the service launched after June 30, none of that revenue formed part of the Q2 figure. The product and related U.S. regulatory questions were examined in previous Truth API coverage.
