Trump Media posts $405.9M Q1 loss after crypto markdowns

Trump Media & Technology Group reported a $405.9 million net loss for the quarter ended March 31, 2026, in an SEC filing. The loss included $244 million in unrealized markdowns on its Bitcoin holdings and $108.2 million in other investment losses, mainly in equities and token holdings.

The filing shows the company held 9,542 Bitcoin with a cost basis of about $1.13 billion and a fair value of $647 million on March 31, creating an approximate $483 million paper loss on that position. The filing shows the company purchased roughly 9,500 Bitcoin last summer at an average cost near $108,519 per coin. The same filing shows the position later had a market value near $770 million after prices moved above $80,000.

Unrealized losses on digital assets and equities accounted for nearly $370 million of the quarter’s total write-downs. The company disclosed a holding of 756 million Cronos (CRO) tokens acquired as part of a transaction with a crypto exchange; those tokens carried a cost of $113.9 million and a quarter-end fair value of about $53 million.

Of the Bitcoin holdings, 4,260 BTC were pledged as collateral for convertible notes and another 2,000 BTC were set aside to back covered call options used to hedge price swings. Trump Media reported $17.9 million in operating cash flow for the quarter, partly attributable to revenue from selling options tied to its pledged Bitcoin.

Total financial assets rose to $2.1 billion, roughly three times the level reported a year earlier. Quarterly revenue was $871,200, up from $821,200 in Q1 2025; $810,100 was classified as media revenue and $61,100 as management fees related to Truth.Fi ETF offerings.

The filing followed management changes at the company. Devin Nunes stepped down as CEO on April 22. Shares have fallen more than 90% from an early 2022 peak of $97.54 and were trading near $8.93 in recent sessions.

Separately, American Bitcoin, a miner co-founded by Eric Trump, reported an $81.7 million net loss in Q1 2026, narrower than a $100.6 million loss a year earlier. The miner recorded $62.1 million in revenue, up from $12.3 million in Q1 2025, and mined a record 817 Bitcoin during the quarter. The company reported a loss of $0.08 per share and noted revenue that fell short of some expectations.