Trump Media sold another 2,628 Bitcoin this week, pocketing roughly $165 million but adding to a growing pile of losses on its crypto bet. The company originally bought 11,542 BTC for about $1.37 billion, averaging $118,522 per coin. With Bitcoin now trading near $63,471 — roughly half its October 2025 record of $126,080 — the math has turned brutal.
The scale of the red ink
Total sales now stand at 7,281 BTC, sold at an average price of $74,855. That works out to a combined realized and paper loss of roughly $555 million. The company's quarterly filing shows 9,542.16 BTC against a $1.13 billion cost basis as of March 31, plus another 2,000 BTC pledged against options. Of those, 4,260.73 BTC are pledged against convertible notes with restrictions that don't lift until maturity on May 29, 2028.
A $243.96 million mark-to-market hit on digital assets contributed to a $405.9 million quarterly net loss. The timing isn't great: Bitcoin has been sliding for months, and Trump Media keeps selling into a down market.
Truth API launches — and draws a letter from Warren and Schiff
On August 1, the company launched Truth API, a paid feed offering institutional customers faster access to President Trump's Truth Social posts. Pricing runs up to $100,000 per month, dropping to $60,000 under a three-year commitment. The feed covers the 10 highest-ranking Truth Social accounts and delivers posts in milliseconds.
But the product already has regulators looking. Senators Elizabeth Warren and Adam Schiff wrote to SEC Chair Paul Atkins on July 28, requesting an investigation into whether Truth API violates securities law. They cited Trump's June 10 post praising Citigroup by ticker, after which the bank outperformed a falling market. In July, Trump's statement that the memorandum of understanding with Iran had collapsed sent Bitcoin sharply lower within minutes.
The SEC request sits with an agency led by a Trump appointee. Whether Atkins moves on it — and how fast — is an open question.
Revenue is still tiny
Trump Media booked $871,200 of revenue in the first quarter, up 6% from a year earlier. That's a sliver compared to the cash it's burning through on Bitcoin losses and new product development. The Truth API could add a few million if it finds customers, but the company's core business remains a fraction of the size of its crypto portfolio — a portfolio it keeps selling at a loss.
