Trump Media & Technology Group reported a net loss of $406 million in the first quarter of 2026, with nearly $370 million attributable to unrealized losses on its digital assets and equity holdings. The company, which holds a large stash of Bitcoin and Cronos tokens, saw its Bitcoin position alone swing from a $1.13 billion cost basis to a fair value of $647 million at quarter-end. That gap has since narrowed as Bitcoin climbed above $80,000, but the stock remains down more than 90% from its 2022 peak. CEO Devin Nunes stepped down on April 22, adding leadership uncertainty to the financial picture.
How crypto bets blew a hole in earnings
Trump Media holds roughly 9,500 Bitcoin bought at an average cost of about $108,519 per coin — a total cost basis of $1.13 billion. At the end of March, those coins were worth just $647 million, a $483 million paper loss. An additional $108 million in investment losses was tied mostly to equity securities, while the company’s stash of 56 million Cronos tokens — purchased for $114 million and valued at $53 million as of March 31 — also took a hit. Of the total Bitcoin, 4,260 BTC is pledged as collateral for convertible notes, and 2,000 BTC is held against covered call options.
Bitcoin’s recovery narrows the gap
Since quarter-end, Bitcoin rallied past $80,000, pushing the fair value of Trump Media’s position to roughly $770 million. That’s still a long way from break-even, but the company managed to generate nearly $18 million in operating cash flow by selling options on pledged Bitcoin holdings. The options strategy gives it some breathing room, but the core bet remains underwater.
Revenue barely budges
First-quarter revenue came in at $871,200, up 6% from $821,200 a year earlier. Against a $406 million loss, that revenue number is essentially negligible. The company’s cost structure remains heavily tied to its digital asset portfolio, and the $370 million in unrealized losses dominated the income statement.
What’s next for a leaderless company
With Nunes out and the stock trading around $8.93, Trump Media faces a credibility test. The next quarterly filing will show whether Bitcoin’s continued recovery can shrink the unrealized losses further — or whether the pledged Bitcoin will come under pressure if prices slide. Investors are watching the collateralized positions closely.
