CoinDesk
Trump Media & Technology Group (DJT) reported a first-quarter net loss of $405.9 million on revenue of just $871,200, a dramatic widening from the $31.7 million loss posted a year earlier. The bulk of the damage was mark-to-market: $244 million in unrealized losses on its cryptocurrency holdings, plus a separate $108.2 million investment loss tied largely to equity securities.
As of March 31, DJT's crypto stack stood at 9,542.16 bitcoin, valued at $647.1 million, and 756.1 million Cronos (CRO) tokens, valued at $53 million. The CRO position — built out of a partnership with Crypto.com — was the smaller of the two holdings but contributed a disproportionate share of the writedown relative to size. Revenue itself told the harder story: media revenue of $810,100 and Truth.Fi management fees of $61,100 from ETF offerings, up a modest 6% year over year.
Why it matters
Trump Media raised roughly $2.5 billion last year to fund a bitcoin treasury strategy and disclosed a $2 billion BTC stack in July, marketing the move as a long-term reserve bet. Q1 is the first full quarter that bet had to clear an earnings cycle — and the result is the inverse of the pitch. A $406M quarterly loss on $871K of revenue makes explicit how much of the company's equity story is now levered to BTC and CRO price action, not the Truth Social platform. Operating cash flow of $17.9 million, helped by selling put options on pledged bitcoin, did not come close to offsetting the writedowns.
Market impact
Not all of the bitcoin is freely tradeable. 4,260.73 BTC — worth $289 million at quarter-end — sits as collateral for convertible notes, and another 2,000 BTC is posted with a counterparty to back covered calls on 4,000 BTC. That structure caps how quickly DJT can respond to further drawdowns without tripping covenants or unwinding hedges. With CRO carrying the lion's share of the unrealized damage and BTC posted as collateral for the convertible stack, Q1 sets a template: any quarter with a weak CRO tape or BTC below the conversion reference price now flows almost directly into DJT's reported earnings.
Frequently asked questions
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How much did Trump Media lose in Q1 2026?
DJT reported a Q1 net loss of $405.9 million on revenue of $871,200, widening from a $31.7 million loss a year earlier. The hit was almost entirely non-cash mark-to-market on crypto and equity securities.
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What drove the Trump Media Q1 loss?
Two marks did the damage: $244 million in unrealized losses on crypto holdings and a $108.2 million investment loss tied mostly to equity securities. Operating cash flow of $17.9 million, boosted by selling puts on pledged bitcoin, did not come close to offsetting the writedowns.
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How much bitcoin and CRO does Trump Media hold?
As of March 31, DJT held 9,542.16 BTC, valued at $647.1 million, and 756.1 million CRO tokens, valued at $53 million. A portion of the BTC is locked up as collateral rather than freely tradable.
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Why is part of Trump Media's bitcoin locked up?
4,260.73 BTC (worth about $289 million at quarter-end) is posted as collateral for convertible notes. Another 2,000 BTC backs covered calls written on 4,000 BTC with a counterparty, leaving DJT with reduced flexibility to react to further drawdowns.
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What was Trump Media's revenue in Q1?
Total revenue was $871,200, up 6% year over year. Media revenue (Truth Social) contributed $810,100 and Truth.Fi added $61,100 in management fees tied to its ETF offerings.
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