Trump Media & Technology Group reported a $238.1 million net loss for the second quarter as falling cryptocurrency values cut deeply into the company’s balance sheet, according to its filing with the U.S. Securities and Exchange Commission. The company recorded $360.6 million in losses connected to digital assets and pledged digital assets during the six months ended June 30, 2026.
The filing places a sharp focus on the financial exposure created by Trump Media’s Bitcoin and Cronos holdings, particularly the portion tied up as collateral for convertible notes and a Bitcoin options strategy. The company held digital assets with a combined fair value of $597.7 million at the end of June, down from $904.4 million at the end of 2025.
Trump Media’s stock closed at $9.39 on Monday, down 8%, according to TradingView.
Bitcoin accounting losses drove the first-half result
Trump Media reported $245.4 million in unrealized losses on digital assets during the first half of the year. Unrealized losses reflect a decline in the market value of assets still held by the company rather than tokens it has sold.
The company also reported a $55.5 million loss associated with the reacquisition of pledged digital assets. Its filing listed another $52.2 million loss from derecognition, along with a $7.4 million unrealized loss on pledged assets.
Those items brought total digital-asset-related losses to $360.6 million for the six-month period. The figures show how a corporate crypto treasury can affect reported earnings even without large-scale sales of tokens: accounting rules require companies to update the value of holdings as market prices move.
Trump Media’s direct Bitcoin holdings stood at 9,477.16 BTC on June 30, valued at $557.1 million. At the end of 2025, the company held 9,542.16 BTC valued at $836.4 million. The 65 BTC reduction was modest compared with the roughly $279 million decline in the reported fair value of its direct Bitcoin position.
The company’s Cronos holdings remained unchanged at 756.1 million CRO tokens. Their reported value fell to $40.6 million at the end of June from $68 million at the end of 2025.
More than 6,300 BTC was pledged
A substantial part of Trump Media’s Bitcoin treasury was committed to financing and trading arrangements rather than held without restrictions. As of June 30, 4,260.73 BTC served as collateral for convertible notes, while another 2,077.34 BTC was pledged for a Bitcoin options strategy, the SEC filing said.
Together, those pledged holdings totaled 6,338.07 BTC. That leaves the company more exposed to the mechanics of collateral management when Bitcoin declines, since pledged assets can be subject to contractual requirements that differ from coins held in a standard corporate treasury.
Convertible notes are debt instruments that can generally be converted into shares under specified terms. Pledging Bitcoin as collateral can give a company access to funding, but it also connects its financing structure more closely to cryptocurrency price movements. A rapid decline in the value of pledged assets can increase pressure on liquidity or require additional collateral, depending on the agreement.
Trump Media was the 12th-largest public Bitcoin treasury company, according to BitcoinTreasuries. Its reported direct Bitcoin balance at June 30 put it among a growing group of public companies that have made cryptocurrency a meaningful component of their corporate assets.
Wallet transfers drew attention
The filing followed two transactions involving 2,628 BTC, worth about $165 million at the time, from wallets linked to Trump Media. A company spokesperson said the Bitcoin had been transferred rather than sold and said a similar transfer occurred in May.
Wallet movements can draw market attention because blockchain transactions are public, though an on-chain transfer alone does not establish whether assets were sold, pledged, reorganized among custodians, or moved for another operational reason.
Trump Media’s reported 65 BTC reduction in directly held Bitcoin between the end of 2025 and June 30 was far smaller than the 2,628 BTC moved in the observed transactions. The difference is consistent with the company’s statement that the transfers did not represent a straight disposal of the full amount.
By the end of July, Trump Media had bought additional digital assets, bringing its total holdings to 14,139 tokens, according to the information provided. The company raised $159.6 million through stock sales for the purchases, lifting the reported value of its token holdings to roughly $890.5 million. That later buying activity indicates the company continued to treat cryptocurrency as a strategic treasury asset despite the first-half accounting losses.
Revenue grew from a small base
Trump Media generated $1.7 million in second-quarter revenue, an 89% increase from the same period a year earlier. The company attributed the increase mainly to advertising services on Truth Social.
The revenue gain was small relative to the scale of the cryptocurrency-related losses. That gap leaves the company’s near-term financial results heavily influenced by changes in the value of its digital assets, rather than by operating income from its media and technology businesses.
Trump Media also reported a $405.9 million loss from similar digital-asset price declines during the first quarter, according to the supplied financial information. Legal and administrative costs rose to $61.5 million over the latest three-month period, adding another expense burden while the company expanded its cryptocurrency activities.
Partnership plans were withdrawn
The company ended a partnership last week involving a proposed CRO treasury company and planned Truth.Fi-branded exchange-traded funds. The parties cited market conditions and changes in business and stakeholder priorities.
Trump Media had withdrawn its Truth.Fi ETF plans in May. The abandoned partnership removes one route through which the company had sought to extend its financial-services branding beyond Truth Social and its existing crypto treasury.
Donald Trump remains connected to Trump Media through a family trust that controls 41% of the company’s voting power, according to the supplied information. The company’s combination of media operations, equity financing and large digital-asset positions means cryptocurrency market swings now carry consequences beyond the value of its token reserves, affecting reported earnings, financing flexibility and shareholder trading.
Explore how large crypto treasuries move markets—read this deep dive on digital assets next.
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