Trump Media & Technology Group, the operator of Truth Social, reported a net loss of approximately $406 million for the first quarter of 2026, driven largely by non-cash losses on its crypto and equity holdings.
According to an SEC filing, unrealized losses included nearly $244 million on digital assets-primarily Bitcoin-and about $108 million on equity securities and investments.
Trump Media ended the quarter with 9,542 Bitcoin, valued at roughly $767 million, making it the 13th largest corporate holder of the cryptocurrency. The company also holds 756 million Cronos tokens, now worth around $53 million, acquired from Crypto.com last year.
On the operational side, TMTG generated $18 million in positive operating cash flow for the fourth straight quarter, with revenue rising 6% year-over-year to $871,000, mainly from advertising and early Truth.Fi financial product fees.
Total assets stood at $2.24 billion as of March 31, including $280 million in cash, against $953 million in convertible notes and other debt.
The company is undergoing a leadership shakeup, with Kevin J. McGurn named interim CEO in April, replacing Devin Nunes. Several board members departed, while Boris Epshteyn and Meredith O’Rourke joined.
TMTG is expanding beyond social media, pursuing a proposed $6 billion merger with fusion energy firm TAE Technologies and considering spinning off Truth Social and Truth+.