Trump Media & Technology Group reported a net loss of $405.9 million for the first quarter of 2026, dragged down by $368.7 million in unrealized losses on digital assets and equity securities. The company's crypto treasury, valued at $821.9 million against a $1.24 billion cost basis, took a heavy hit as Bitcoin tumbled roughly 22% during Q1 — its worst quarter since 2018.
The crypto hit
The unrealized losses accounted for the vast majority of the quarterly shortfall. Stock-based compensation added $11.8 million and accreted interest another $11.5 million. TMTG's crypto holdings include 9,542 Bitcoin worth about $767 million, acquired at an average cost of $118,529 per coin — well above current prices.
The company also holds 756 million Cronos (CRO) tokens, valued at $54 million.
Bitcoin position trimmed
TMTG sold or otherwise disposed of 2,000 Bitcoin in late February, dropping its stash from 11,542 BTC to the current 9,542. The timing wasn't great: the sale came near the start of the quarter's slide. The facts don't specify the price realized, but the treasury's cost basis versus market value suggests the company is sitting on significant unrealized losses overall.
Revenue was just $0.9 million for the quarter — a reminder that Truth Social remains a tiny operation relative to the balance sheet.
Cash flow bright spot
On the positive side, operating cash flows totaled $17.9 million, marking the fourth straight quarter of positive cash from operations. Total assets reached $2.2 billion, nearly tripling from $759 million a year earlier, largely thanks to the crypto holdings accumulated in prior periods.
Interim CEO Kevin McGurn said the company is using its balance sheet and cash flow to grow its businesses and advance a proposed merger with TAE Technologies.
TMTG is developing new features for Truth Social, including prediction-market tools, a sports section, and expanded AI capabilities. The merger with TAE Technologies — if it goes through — would dramatically reshape the company's profile. For now, the market is watching whether the crypto losses deepen or reverse in Q2.
