Trump Media (DJT) Stock Bleeds $54.8M—But Still HODLs a $1.3B Bitcoin War Chest

Red ink meets digital gold as Trump Media's losses defy its crypto-heavy balance sheet.

The Irony Runs Deep

While DJT stock tanks, its Bitcoin reserves now dwarf the market cap of most legacy media firms. A $1.3 billion crypto cushion can't mask a $54.8 million hemorrhage—but it sure makes for a wild earnings call.

Wall Street Meets Cypherpunk

The company's playbook? Lose like a traditional stock, hodl like a Bitcoin maximalist. Because nothing says 'financial strategy' like redemptions in fiat and reserves in Satoshis.

The Bottom Line

Another day, another proof that corporate treasuries love volatility—just not the kind hitting their P&L statements. (Cue the 'number go up' theology.)

TLDR

• Trump Media reported a $54.8 million net loss in Q3 2025, up from $19.3 million loss in Q3 2024, driven by rising expenses including $20.3 million in legal costs.
• Revenue dropped to $972,900 from over $1 million year-over-year, while the stock fell 61% year-to-date to $13.10 per share.
• The company holds 11,542 Bitcoin as of September 30, valued at approximately $1.3 billion, and generated $15.3 million in realized income from Bitcoin options.
• Trump Media acquired 746 million Cronos tokens worth $33 million in unrealized gains and plans to purchase up to $1 billion more Cronos through a partnership with Crypto.com.
• Total financial assets grew from $274 million at March 2024 IPO to $3.1 billion by September 30, funded by $1.5 billion in stock sales and $1 billion in convertible bonds.

Trump Media & Technology Group reported widening losses in its third quarter earnings on Friday. The company posted a net loss of $54.8 million for the quarter ending September 30.

That figure represents a sharp increase from the $19.3 million loss during the same period in 2024. The Truth Social parent company saw its expenses jump during the quarter.

Legal costs alone hit $20.3 million for the three-month period. Revenue fell to $972,900, down from over $1 million a year earlier.

The stock closed Friday trading at $13.10, down 1.73%. Shares ticked up slightly to $13.20 in after-hours trading.

Trump Media & Technology Group Corp., DJT

Trump Media has lost 61% of its value year-to-date. The company went public in March 2024 through a SPAC merger.

Bitcoin Treasury Strategy Takes Shape

The company now holds 11,542 Bitcoin as of September 30. Trump Media first announced plans to buy Bitcoin in late July.

TRUMP MEDIA AND TECHNOLOGY GROUP HOLDS OVER $1 BILLION OF BITCOIN

Trump Media and Technology Group ($DJT) has disclosed holdings of over $1.3 Billion of BTC as of September 30th 2025.$DJT holds $BTC. pic.twitter.com/WzAIOnN29y

— Arkham (@arkham) November 8, 2025

The crypto holdings are valued at approximately $1.3 billion. The company generated $15.3 million in realized income from bitcoin options investments.

Trump Media raised $1.5 billion through stock sales to fund its investment strategy. It also secured $1 billion through convertible senior secured bonds.

CEO Devin Nunes called the third quarter “crucial” for the company’s expansion plans. He said TRUMP Media has “secured our financial future with a massive Bitcoin treasury.”

The company plans to acquire more Bitcoin going forward. It’s also considering purchases of other cryptocurrencies.

Cronos Token Partnership Expands Crypto Holdings

Trump Media holds 746 million Cronos tokens worth $33 million in unrealized gains. Cronos is the native token of the Cronos blockchain.

At the end of September, Cronos traded around $0.18 per token. The company formed Trump Media Group CRO Strategy in August.

This venture partnered with Crypto.com and Yorkville Acquisition Corp. The goal is to accumulate up to $1 billion in Cronos tokens.

That purchase would represent over 6.3 trillion tokens. The deal deepens Trump’s connections to the crypto industry.

Trump Media’s financial assets have grown substantially since going public. Assets increased from $274 million in March 2024 to $3.1 billion by September 30.

The company posted its second consecutive quarter of positive operating cash flow. Nunes said the company is evaluating “crown jewel assets” for potential mergers and acquisitions.

Trump Media generates revenue primarily through advertising on Truth Social. The platform serves as President Donald Trump’s main communication channel.

The company does not regularly disclose user metrics like monthly or daily active users. This differs from most publicly traded social media companies.

Trump Media has posted losses consistently since its inception. The company faces the challenge of turning Trump’s presence on Truth Social into sustainable revenue.