Key Takeaways
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Trump Media posted a $238.1 million Q2 net loss, including $190.4 million in combined unrealized losses across digital assets, pledged assets, and securities.
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The company increased its Bitcoin holdings to approximately 14,139 BTC by July 31, valued at about $890.5 million.
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Parts of Trump Media’s Bitcoin treasury are used to support convertible notes, options, and yield strategies, exposing the company to counterparty, custody, and liquidation risks.
Trump Media & Technology Group reported a $238.1 million net loss for the second quarter, as declining valuations of digital assets and securities weighed heavily on its results.
The Truth Social operator recorded $190.4 million in combined unrealized losses across digital assets, pledged digital assets, and equity securities.
The figure was not solely a crypto loss, although Bitcoin and other crypto-related positions accounted for a significant portion of the company’s investment portfolio.
Trump Media also announced a more disciplined treasury-management framework intended to preserve long-term crypto exposure, reduce volatility, and generate returns from its assets.
Asset Markdowns Overshadow Revenue Growth
Trump Media generated $1.67 million in second-quarter revenue, up 89% from $883,300 a year earlier. Growth came from barter-based advertising services, subscriptions to the Truth+ Patriot Package, and management fees from Truth.Fi funds. Lower Truth Social advertising revenue partially offset those gains.
Investment losses were substantially larger than operating revenue. The company recorded $116.7 million in realized and unrealized losses on digital assets and pledged digital assets during the quarter, as well as securities-related losses.
Legal expenses reached $25.6 million, while general and administrative costs increased to $35.9 million from $28.6 million a year earlier. Trump Media used $13.7 million in cash for operating activities.
Management said legacy legal matters had been substantially resolved and predicted that associated costs would decline. However, that remains a forward-looking expectation rather than a saving already reflected in the results.
Bitcoin Holdings Climb After July Purchases
Trump Media held 9,477.16 BTC as of June 30, valued at approximately $557.1 million against a cost basis of about $1.01 billion. It also reported roughly 756.1 million CRO worth $40.6 million.
After the quarter ended, the company sold $159.6 million of equity securities invested in Bitcoin-related products and used the proceeds to purchase Bitcoin directly.
