TheBlock
Trump Media & Technology Group booked a $238.1 million net loss in the second quarter and disclosed $360.6 million in unrealized losses on digital assets across the first half of the year, according to an SEC filing on Monday. The breakdown includes $245.4 million in unrealized losses on direct holdings, $55.5 million on the reacquisition of pledged digital assets, $52.2 million from derecognition and $7.4 million in unrealized losses on pledged assets. The combined digital-asset book is now worth $597.7 million, down from $904.4 million at year-end 2025.
Why it matters
The filing landed days after Trump Media confirmed the end of its Crypto.com partnership, scrapping the proposed CRO treasury company and Truth.Fi-branded ETFs that had already been withdrawn in May. The losses and the partnership collapse bookend the same bet: a political-aligned media company using crypto as both a treasury diversifier and a branding vehicle. That thesis has visibly cracked on both sides, balance sheet and narrative. Trump Media also ranks as the 12th-largest public bitcoin treasury by holdings, putting it alongside Strategy, MARA and a handful of others, but the direct BTC position alone fell from $836.4 million to $557.1 million as price retraced.
Market impact
Three signals treasury-watchers are parsing. First, the 65 BTC reduction in direct holdings, from 9,542.16 to 9,477.16, suggests trimming rather than adding, with another 2,628 BTC transferred to Crypto.com in two transactions worth roughly $165 million that a Trump Media spokesperson told The Block was transferred, not sold. Second, 4,260.73 BTC sits as collateral on convertible notes and another 2,077.34 BTC is pledged for its options strategy, meaning most of the treasury is encumbered rather than free. Third, the stock closed Monday at $9.39, down 8%, with Q2 revenue of just $1.7 million, up 89% YoY but still thin. Shrinking exposure, scrapped partnerships and a single-digit share price frame Trump Media as a stress test for the political-crypto treasury model.
Frequently asked questions
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How much did Trump Media lose on its digital assets in H1?
Trump Media disclosed $360.6M in unrealized digital-asset losses for H1, broken into $245.4M on direct holdings, $55.5M on pledged-asset reacquisition, $52.2M from derecognition and $7.4M on pledged assets.
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How much bitcoin does Trump Media hold and where does it rank?
Trump Media held 9,477.16 BTC worth $557.1M as of June 30, ranking 12th-largest public bitcoin treasury per BitcoinTreasuries. Of that, 4,260.73 BTC sits as collateral on convertibles and 2,077.34 BTC is pledged for its options strategy.
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Why did Trump Media end its Crypto.com partnership?
The companies cited prevailing market conditions and shifting business and stakeholder priorities. The agreement had included a proposed CRO treasury company and plans for Truth.Fi-branded ETFs, which Trump Media withdrew in May.
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Did Trump Media sell its bitcoin?
No. A Trump Media spokesperson told The Block that 2,628 BTC transferred to Crypto.com in two transactions worth roughly $165M was transferred, not sold. Direct holdings declined by only 65 BTC over the period.
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How did Trump Media's stock perform on the news?
Trump Media shares closed Monday at $9.39, down 8% on the day, per TradingView. The company also reported just $1.7M in Q2 revenue, up 89% YoY but still thin.
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