- Trump Media & Technology Group posted a $405.9 million net loss in Q1 2026, with $370 million stemming from unrealized losses on digital assets and equities purchased near last year’s crypto peak.
- The company holds over 9,500 Bitcoin purchased last July at an average cost of $108,519 per coin — and sold 2,000 BTC in late February near $70,000, locking in significant losses on that tranche.
- Despite the headline loss, Trump Media reported positive operating cash flow of $17.9 million and $2.1 billion in total financial assets — triple its asset base from a year earlier.
- CEO Devin Nunes stepped down on April 22; DJT stock currently trades at $8.93, down more than 90% from its $97.54 high in early 2022.
What Happened?
Trump Media & Technology Group — parent of Truth Social — reported Q1 2026 results showing a $405.9 million net loss, almost entirely driven by unrealized losses on its Bitcoin treasury. The company loaded up on Bitcoin last July when prices were near their peak of $126,000, buying over 9,500 coins at an average cost of $108,519. By Q1, Bitcoin had plunged to around $60,000 at its February low, and the company sold 2,000 coins near that trough. Bitcoin has since partially recovered to around $80,000, but the damage to Trump Media’s balance sheet is severe. Former CEO Devin Nunes departed last month.
Why It Matters?
Trump Media’s crypto bet has become a case study in buying high. The company’s decision to aggressively purchase Bitcoin near all-time highs — and then sell a portion near the subsequent lows — crystallized losses and saddled the company with a balance sheet dominated by volatile digital assets. The political optics are notable: the president’s family media company is deeply underwater on a crypto strategy even as Trump publicly champions Bitcoin and digital assets as part of his economic agenda. The 90%+ decline in DJT stock from its 2022 peak reflects the mismatch between the company’s meme-stock valuation at launch and its underlying business fundamentals.
What’s Next?
Trump Media’s remaining 9,500+ Bitcoin position remains a major source of mark-to-market volatility. At $80,000/BTC, the position is worth roughly $760 million — still well below the ~$1 billion purchase price. Any sustained Bitcoin rally could help recover paper losses; any further decline would worsen Q2 results. The departure of Nunes and the absence of a named permanent CEO adds management uncertainty. Watch for whether the company pursues additional crypto purchases, disposes of its remaining Bitcoin position, or attempts to refocus on its core social media business.
Source: Bloomberg
