NEW YORK — Trump Media & Technology Group, the company behind Truth Social, reported losses topping $400 million in the first quarter after a sharp drop in cryptocurrency values hammered its balance sheet.
The company said in a statement that it generated less than $1 million in revenue during the three months ending March 31, underscoring the gap between its modest business activity and its multibillion-dollar market valuation.
Most of the losses were tied to the declining value of the company’s digital asset holdings.
Trump Media, which is majority-owned by former U.S. President Donald Trump, has expanded aggressively into financial services and cryptocurrency investments over the past year. Trump himself owns roughly 41% of the company.
In 2025, the group announced a $2.5 billion funding initiative aimed at investing in cryptocurrencies, reflecting Trump’s increasingly public support for the digital asset sector.
But the market downturn hit hard.
Bitcoin fell from around $126,000 in early October to below $70,000 by March, forcing companies with large crypto exposure to recognize major paper losses — even without selling their holdings.
Although Bitcoin later recovered to above $80,000, accounting rules required Trump Media to disclose the lower valuation during the quarter.
The company reported total quarterly losses of roughly $406 million, saying “the majority” came from digital assets.
At the same time, Trump Media posted revenue of just $900,000, a remarkably low figure for a company still carrying a market valuation of around $2.47 billion.
The group has continued searching for new growth avenues beyond social media.
In December, Trump Media announced plans to merge with U.S.-based company TAE Technologies, which specializes in nuclear fusion technology. The transaction is expected to close in mid-2026.
The latest results highlight the unusual position of Trump Media — part social platform, part crypto investment vehicle, and increasingly, a speculative bet tied closely to Trump’s political brand and financial ambitions.
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