Trump Media posts $406M Q1 loss as bitcoin and CRO markdowns savage the books!

Trump Media & Technology Group (DJT) reported a $405.9 million net loss in Q1 on just $871,200 in revenue — a staggering widening from the $31.7 million loss posted a year earlier. The damage was driven by $244 million in unrealized losses on its cryptocurrency holdings and a further $108.2 million investment loss tied primarily to equity securities.

As of March 31, DJT held 9,542.16 bitcoin valued at $647.1 million and 756.1 million Cronos (CRO) tokens valued at $53 million. A significant portion of that BTC stack is encumbered: 4,260.73 BTC ($289 million at quarter-end) is pledged as collateral for convertible notes, and another 2,000 BTC is held with a counterparty to back covered call options on 4,000 BTC.

The company did generate $17.9 million in operating cash flow, aided by the sale of put options on pledged bitcoin. Revenue crept up 6% year-over-year, with media revenue at…