Trump Media Posts $55M Loss as Bitcoin Bet Hits $1.3B

Trump Media and Technology Group (TMTG), the parent company of Truth Social, reported a $54.8 million net loss in the third quarter of 2025, despite building one of the largest Bitcoin treasuries among public U.S. firms. The company revealed that it now holds 11,542 BTC, worth about $1.3 billion, and intends to expand its crypto investments further.

Widening Losses Despite Growing Crypto Holdings

According to TMTG’s Q3 earnings report, the company’s losses deepened from $19.3 million in the same period last year to $54.8 million in 2025, largely due to rising operating and expansion costs.

Revenue for the quarter came in at $972,900, slightly below the $1 million reported a year earlier. Shares of Trump Media (DJT) closed down 1.73% on Friday at $13.10, before posting a minor after-hours gain to $13.20.

While the company’s investment in Bitcoin generated notable gains, the profits weren’t enough to offset its operational losses.

A Massive Bitcoin Treasury

Trump Media disclosed that as of September 30, it held 11,542 Bitcoin, which it began purchasing in May 2025 after raising $1.5 billion through stock sales and $1 billion from convertible senior secured bonds.

The firm said in July that it adopted Bitcoin as part of a broader digital asset strategy to diversify its balance sheet and strengthen its financial position. In its latest report, Trump Media confirmed it will continue to accumulate Bitcoin and may explore other cryptocurrencies as part of its treasury management approach.

Profits from Bitcoin and Cronos Investments

Beyond Bitcoin, Trump Media also disclosed significant exposure to Cronos (CRO) — the native token of the Cronos blockchain. The company reported $15.3 million in realized income from Bitcoin options trading and $33 million in unrealized gains from holding over 746 million Cronos tokens.

At the end of September, Cronos was trading around $0.18, valuing the company’s holdings at more than $134 million.

This dual investment strategy — combining Bitcoin and other blockchain assets — marks a major shift in the company’s approach to financial diversification.

Plans to Acquire Up to $1 Billion in Cronos

Trump Media’s crypto ambitions extend beyond Bitcoin. In August 2025, the company partnered with Crypto.com and Yorkville Acquisition Corp to create the Trump Media Group CRO Strategy, a dedicated digital asset treasury focused on accumulating Cronos (CRO) tokens.

According to the company’s third-quarter report, the strategy could result in the purchase of up to $1 billion worth of Cronos, representing over 6.3 trillion tokens.

CEO Devin Nunes described the move as a critical part of the company’s long-term expansion plan, noting that the new treasury strategy allows Trump Media to build sustainable income streams from its digital asset holdings.

CEO Devin Nunes: “We’ve Secured Our Financial Future”

In a statement accompanying the earnings report, Devin Nunes, the CEO and president of Trump Media, said the third quarter marked a turning point for the company’s financial evolution.

“The third quarter was crucial to Trump Media’s expansion plans,” Nunes said. “We’ve secured our financial future with a massive Bitcoin treasury and expanded our existing platforms.”

He added that Trump Media now has financial assets exceeding $3.1 billion, up sharply from $274 million in March 2024, when the company went public.

“With these financial assets now earning income, alongside our second consecutive quarter of positive operating cash flow, we’re well-poised to act on our mergers and acquisitions strategy,” Nunes noted. “We’re evaluating several crown jewel assets that will bring the most long-term value for our shareholders.”

Stock Performance Remains Under Pressure

Despite its aggressive push into crypto and strong balance sheet growth, Trump Media’s stock price has struggled to gain traction. Shares have declined steadily over the past few months as investors weigh the company’s mounting losses against its ambitious digital asset bets.

Market analysts suggest that while Trump Media’s crypto portfolio may deliver long-term benefits, its reliance on volatile digital assets could expose it to heightened financial risk — especially if Bitcoin or Cronos prices experience sharp corrections.

A Bold Gamble on Crypto-Fueled Growth

Trump Media’s deepening investment in Bitcoin and Cronos underscores its commitment to becoming a crypto-driven media conglomerate. By combining social media operations with blockchain-based financial assets, the company aims to diversify revenue sources and reduce dependence on advertising.

However, the firm faces the challenge of balancing innovation with profitability. As operational costs continue to rise, the success of its Bitcoin and Cronos holdings could prove pivotal in determining whether Trump Media can translate its crypto strategy into sustained financial performance.

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