Trump Media Posts $238 Million Q2 Loss Driven by Bitcoin and Crypto Markdowns

Trump Media and Technology Group reported a net loss of $238.1 million for the second quarter of 2026, a sharp deterioration from a $20 million loss in the same period a year earlier and down from the $405.9 million loss in Q1 2026. The results were dominated by $190.4 million in non-cash, unrealized markdowns on Bitcoin, pledged digital assets, and equity securities. The company generated just $1.7 million in revenue, up 89% year over year, but that figure was overwhelmed by a $223.5 million adjusted EBITDA loss.

Across the first half of 2026, Trump Media has booked $360.6 million in total digital asset losses. The company holds 14,139 Bitcoin and faces a further stress test: a November 30 holder put option that, if fully tendered, could exhaust cash and short-term investments, raising questions about whether the company would be forced to liquidate Bitcoin holdings to meet the roughly $1 billion debt obligation. The results also come after Trump Media and Crypto.com scrapped a jointly planned publicly traded CRO treasury company and abandoned a separate ETF servicing partnership, further clouding the company's crypto strategy.