TLDR
- Trump Media is exploring the possibility of separating Truth Social as an independent public entity
- The separation plan involves merging with Texas Ventures Acquisition III through a SPAC structure
- DJT posted a $712.3 million net loss for 2025, predominantly driven by unrealized cryptocurrency losses
- The firm maintains a Bitcoin treasury exceeding 11,500 BTC and has submitted various crypto ETF applications
- Despite losses, Trump Media closed 2025 with $2.5 billion in total assets, representing a threefold increase
Trump Media & Technology Group is actively exploring a transaction that would separate its Truth Social platform into an independent publicly listed company. The conversations include TAE Technologies and Texas Ventures Acquisition III, a special purpose acquisition company.
The proposed structure would establish a new entity dubbed SpinCo, which would subsequently combine with Texas Ventures III. Current Trump Media stockholders would receive shares in the newly formed SpinCo.
Discussions remain preliminary, with no binding terms finalized. The organization has acknowledged that negotiations continue.
This potential separation comes after Trump Media’s December announcement of a merger agreement with TAE Technologies, a transaction valued north of $6 billion. TAE operates as a California-headquartered nuclear fusion developer with backing from Google and Chevron.
That particular merger targets the development of commercial-scale fusion energy facilities, partially aimed at powering AI computing infrastructure. Spinning off Truth Social would effectively divide the media operations from the energy business.
Trump Media disclosed a net loss totaling $712.3 million throughout 2025. This represents a significant increase from the $400.9 million loss recorded in 2024.
The expanded deficit stemmed primarily from mark-to-market losses on digital asset positions, particularly Bitcoin and Cronos holdings. Revenue remained essentially stagnant, climbing marginally from $3.62 million to $3.68 million.
However, the organization concluded 2025 holding approximately $2.5 billion in financial assets. This figure represents more than triple the $776.8 million balance sheet position from year-end 2024.
Crypto Push
Trump Media entered the cryptocurrency sector through its financial technology division, Truth.Fi. The company established a Bitcoin reserve accumulating more than 11,500 BTC by late September 2025.
Additionally, the firm submitted applications for multiple cryptocurrency exchange-traded funds under the Truth Social umbrella. These proposed products encompass funds targeting Bitcoin and Ether exposure, plus a dedicated Cronos fund featuring staking capabilities.
The Cronos ETF proposal connects to Trump Media’s strategic alliance with Crypto.com. The organization also created a CRO treasury in collaboration with Crypto.com and Yorkville Acquisition during September.
Trump Media has submitted numerous ETF proposals to US financial authorities. Regulatory approval remains pending for all applications.
Energy Expansion
TAE Technologies has secured more than $1 billion in capital from various investors. The company specializes in a fusion approach engineered to minimize radioactive byproducts relative to conventional nuclear technologies.
Combining with TAE would establish a publicly traded entity centered on fusion power generation. Trump Media views this strategy as an opportunity to diversify investor appeal beyond its traditional media operations.
Truth Social was developed targeting conservative users but has encountered challenges with user base expansion. The platform faces competition from larger, more established social media networks.
The company’s aggregate assets grew nearly three times year-over-year notwithstanding the substantial net loss. Most of this expansion resulted from cryptocurrency acquisitions and related securities transactions executed throughout 2025.
