Trump Media & Technology Group reported a first-quarter net loss of nearly $406 million, driven by $244 million in unrealized losses on its cryptocurrency holdings and a $108 million investment loss tied to equity securities. The parent company of Truth Social generated just $871,200 in revenue, up 6% from a year earlier.
As of March 31, Trump Media owned 9,542 Bitcoin with a cost basis of $1.13 billion and a fair value of $647 million. The company also held 756.1 million CRO tokens, valued at $53 million against a $113.9 million cost basis, acquired as part of a Crypto.com deal linking the token to Truth Social and Truth+ rewards.
The company’s bitcoin position is partially leveraged: 4,260 BTC served as collateral for convertible notes, while covered call options on 4,000 BTC required 2,000 BTC as collateral with a counterparty. Operating cash flow was positive at $17.9 million, boosted by the sale of put options on its bitcoin holdings.
Trump Media raised $2.5 billion for its bitcoin treasury strategy last year and disclosed a $2 billion bitcoin stack in July.