Key Takeaways
- Trump Media disclosed a staggering Q1 net loss of $405.9 million against minimal revenue of $871,200.
- Unrealized cryptocurrency losses totaling $244 million on Bitcoin holdings were the primary driver of the massive deficit.
- The company’s Bitcoin portfolio consists of 9,542 BTC purchased at an average price of $108,519, creating a cost basis of $1.13 billion now valued at only $647 million.
- Quarterly revenue increased a mere 6% compared to the prior year; former CEO Devin Nunes resigned on April 22.
- Shares of DJT have plummeted over 90% from their 2022 high of $97.54.
Trump Media & Technology Group disclosed a devastating $405.9 million net loss for the first quarter of 2026. This represents a dramatic escalation from the $31.7 million loss reported during the corresponding quarter of the previous year.
Despite the massive losses, the company generated only $871,200 in quarterly revenue. While this figure represents a 6% uptick from Q1 2025, it pales in comparison to the company’s nearly half-billion-dollar deficit.
Shares of DJT were recently changing hands at approximately $8.93. The stock has experienced a catastrophic decline of more than 90% since reaching its all-time high of $97.54 in early 2022.
Trump Media & Technology Group Corp., DJT
The overwhelming majority of the financial damage stems from cryptocurrency exposure. Trump Media recorded $244 million in unrealized losses on its Bitcoin portfolio, alongside another $108.2 million in losses related primarily to equity securities investments.
The company currently maintains a position of 9,542.16 BTC. These digital assets were acquired at an average cost of approximately $108,519 per coin — purchased near the market’s peak last summer — resulting in an aggregate cost basis of $1.13 billion.
As of March 31, the market value of this Bitcoin position had contracted to just $647 million. The discrepancy between acquisition cost and current valuation: approaching $500 million.
Since quarter-end, Bitcoin has experienced a recovery. The position now carries an estimated value of roughly $770 million with BTC trading above the $80,000 threshold.
Cronos Token Holdings Compound Losses
Trump Media’s cryptocurrency troubles extend beyond Bitcoin. The company also maintains 756.1 million Cronos (CRO) tokens. These tokens were acquired for $113.9 million through a Crypto.com partnership agreement last year. By quarter-end, their valuation had deteriorated to $53 million.
The CRO acquisition was structured as part of a strategic partnership designed to integrate the token with Truth Social and Truth+ rewards programs. To date, this arrangement has failed to produce positive financial results.
Regarding the company’s Bitcoin reserves, 4,260.73 BTC — representing approximately $289 million in value at quarter-end — has been pledged as collateral backing convertible notes. An additional 2,000 BTC serves as collateral supporting covered call options deployed to mitigate price volatility.
Notwithstanding the substantial losses, operating cash flow registered a positive $17.9 million for the quarter. The company generated income through the sale of options contracts on its collateralized Bitcoin holdings.
Total financial assets expanded to $2.1 billion, representing a threefold increase from the year-ago period.
Revenue Details
Media operations contributed $810,100 in revenue. Truth.Fi, the company’s exchange-traded fund division, produced $61,100 in management fees. These segments combine to account for the total $871,200 in quarterly revenue.
The company successfully raised $2.5 billion dedicated to its Bitcoin treasury strategy last year, subsequently announcing a $2 billion Bitcoin position in July 2025.
Former CEO Devin Nunes departed his position on April 22. The company has not yet disclosed a permanent successor.
Meanwhile, American Bitcoin, the cryptocurrency mining operation co-founded by Eric Trump with backing from Donald Trump Jr., reported an $81.7 million net loss for Q1. The mining company produced a record 817 BTC throughout the quarter.
