Trump Media & Technology Group, the parent company of Truth Social, reported a $405.9 million net loss in the first quarter of 2026. That is 13 times the loss from a year ago. Nearly $370 million came from unrealized losses on Bitcoin and equity holdings.
How did the company end up buying Bitcoin at the peak?
During the summer of 2025, Trump Media bought Bitcoin at an average price of $108,519 per coin. By the end of Q1 2026, the company held 9,542 BTC with a cost basis of $1.13 billion. On March 31, those same coins were worth only $647 million. The $486 million gap became an unrealized loss.
Of those 9,500 Bitcoin, 4,260 BTC are pledged as collateral for convertible notes and another 2,000 BTC are held against separate obligations. The company can freely manage only about one-third of its position.
Where did the other losses come from?
Beyond Bitcoin, the company acquired 756 million Cronos (CRO) tokens through a Crypto.com partnership for $113.9 million. By quarter-end, those tokens were worth just $53 million. An additional $108.2 million came from equity investment losses. Together, those three positions account for nearly $370 million of the total loss.
- Bitcoin: bought near the peak, $244 million unrealized loss as of March 31, 2026
- Cronos (CRO): $113.9 million paid, $53 million market value remaining
- Equities: $108.2 million in unrealized losses across the securities portfolio
$871K in revenue against a $406M loss
Truth Social generated $810,100 in media revenue, plus $61,100 from Truth.Fi ETF management fees. Total: $871,200. The loss is 466 times larger than the revenue. The company did produce $17.9 million in operating cash flow, from selling options on its pledged BTC. Total financial assets reached $2.1 billion, three times higher than a year ago.
CEO Devin Nunes resigned on April 22. The company provided no details about new leadership.
How does this compare to Strategy?
Strategy (formerly MicroStrategy) built its Bitcoin treasury as the core business model starting in 2020. Trump Media bought Bitcoin as a side bet alongside a media company. Strategy has a clear rationale for holding the position for years. Trump Media's rationale is harder to read. Quarterly revenue stays below $1 million while debt grows.
Shares of Trump Media (DJT) are down more than 90% from the $97.54 peak in early 2022, trading around $8.93. The Trump family's mining company American Bitcoin, co-founded by Eric Trump, also posted an $81.7 million Q1 loss but mined a record 817 coins during the quarter.
What happens to the position from here?
More than 6,000 BTC are tied up as collateral. Selling them requires paying off the associated debt first. As long as Bitcoin stays below the $108,519 purchase price, all losses remain on the balance sheet. A recovery above $120,000 would flip the picture.
The market is watching whether new leadership will revisit the crypto strategy or hold the position unchanged. The next quarterly report will show the first response after Nunes stepped down.
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