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Trump Media & Technology Group reported a $409.7 million profit for the third quarter ended September 30, a figure driven primarily by gains in Bitcoin and securities rather than core operating revenue, according to Decrypt.
Earlier reporting: Bitcoin drops to $73,500 as $297M in liquidations hit crypto markets.
Earlier reporting: BitFuFu October Bitcoin Output Drops to 137 BTC Amid Difficulty Spike.
As of 02:40 UTC, Bitcoin traded at $73,394, -1.8% over 24 hours, with $31.5 billion in 24-hour volume.
The company behind President Donald Trump’s Truth Social generated just $2.97 million in revenue during the quarter. This represents a 205% increase from the approximately $973,000 reported in the same period a year earlier. Despite the revenue growth, the company recorded a $12.3 million adjusted EBITDA loss, compared with a $29.1 million loss in the prior year period.
Bitcoin Drives Accounting Gains
The bulk of the quarterly profit stems from $496.1 million in realized and unrealized gains on digital assets, pledged crypto, and equity securities. Much of this amount is an accounting gain, reflecting the rise in asset value without the sale of assets for cash.
Digital assets and pledged coins accounted for $378.1 million of these gains, while securities added another $118 million. Derivative losses and other expenses offset a portion of this windfall.
Bitcoin prices played a central role in the valuation shift. Phillip Juhan, the company’s Chief Financial Officer, stated on the earnings call that Bitcoin rose approximately 42% during the quarter, moving from roughly $59,000 at the end of June to $84,000 at the end of September.
At quarter-end, Trump Media held approximately 15,649 Bitcoin. Of this total, around 11,385 coins were pledged to a program designed to generate additional returns. The filing notes that some of these pledged assets are subject to arrangements allowing the counterparty to reuse the coins.
Stock Performance and Future Steps
The company’s exposure to digital asset prices has resulted in volatile earnings. In the second quarter, ending in August, Trump Media reported a $238 million loss as declining crypto prices impacted its holdings. The current quarter saw the accounting effect reverse direction due to the price appreciation.
Truth Social’s underlying business metrics showed improvement from a small base. Revenue growth was supported by Truth+ streaming subscriptions and Truth API, a paid service providing customers with faster access to posts. The company also recorded growth in advertising sales and fees from its Truth.Fi funds.
Despite the quarterly profit, the long-term financial picture for shareholders remains challenging. DJT shares traded around $4.20 on Tuesday, up 3.3% on the day. However, the stock is down 94.7% from its $79.38 peak in 2024 and has lost nearly 70% of its value year-to-date. Trump Media posted a net loss of $234.2 million for the first nine months of 2026.
The company is currently pursuing a $6 billion merger with fusion-energy developer TAE Technologies. Shareholders are scheduled to vote on this merger on December 14. Prior to that vote, holders of the company’s $1 billion in convertible notes can demand cash repayment on November 30, according to the quarterly filing.
Source: Decrypt
