Synopsis: Trump Media and Technology Group posted a $54.8 million Q3 net loss as soaring crypto investments boosted assets but failed to offset falling revenues and rising costs.
Trump Media and Technology Group (TMTG), the parent of Truth Social, posted a net loss of $54.8 million in the third quarter of 2025. The figure nearly tripled from last year’s $19.3 million loss. Rising expenses and legal costs dragged down profits, even as the company leaned on its growing Bitcoin portfolio.
Its revenue slipped to $972,900, down slightly from over $1 million a year earlier. Shares of TMTG, trading on the Nasdaq under the symbol DJT, ended Friday at $13.10, before seeing a minor uptick to $13.20 after hours. Yet, the stock remains down roughly 61% for the year, reflecting waning investor confidence.
I find it striking that Trump Media has shifted so rapidly from a small social platform operator to one of the most aggressive corporate Bitcoin holders in the U.S. That kind of pivot rarely comes without turbulence.
Bitcoin holdings
The company reported holding 11,542 Bitcoin valued at about $1.3 billion as of September 30. It began buying the cryptocurrency in May 2025, after raising $1.5 billion from stock sales and $1 billion from bond offerings. As Bitcoin’s price hovered near $105,946 at quarter-end, TMTG booked $15.3 million in realized income from Bitcoin option trades.
Additionally, the firm logged $33 million in unrealized gains from holding 746 million Cronos tokens, the native cryptocurrency of the Cronos blockchain. These returns partially cushioned the loss but failed to offset the surge in operating costs. Devin Nunes, the company’s CEO, described the quarter as “crucial,” citing a strategy to expand both digital assets and media operations.
Frankly, I think this crypto-heavy approach is as daring as it is risky. While it brings short-term liquidity, such exposure can quickly turn against the company if Bitcoin prices fall again.
Expanding crypto plans
In August, TMTG signed an agreement with Crypto.com and Yorkville Acquisition Corp to form Trump Media Group CRO Strategy, a digital asset subsidiary focused on Cronos acquisitions. The venture plans to purchase up to $1 billion worth of Cronos over 6.3 trillion tokens making TMTG a significant institutional player in the blockchain’s ecosystem.
According to Nunes, with these assets generating income and positive cash flow for a second straight quarter, Trump Media is now “well-poised” for mergers and acquisitions. He hinted at acquiring “crown jewel” assets, signaling a broader push into blockchain, finance, and media convergence.
I can’t help but view this as a make-or-break experiment. If crypto prices rise and new ventures succeed, Trump Media could transform its balance sheet. But if volatility persists, it risks draining more capital than it gains.
Growing assets, falling shares
Despite mounting losses, total assets surged to about $3.1 billion at the end of September, up from $274 million when TMTG went public in March 2024. Much of this growth came from crypto investments rather than core platform revenues.
Legal expenses tied to the firm’s past merger disputes added further pressure, totaling over $20 million. Truth Social’s user base, estimated between 5 and 7 million monthly active users, continues to limit ad growth, leaving the company reliant on digital asset gains for cash flow.
Investors appear cautious. The stock’s 62% year-to-date decline signals concerns that the company’s earnings remain detached from real business performance. Even so, TMTG maintained a rare positive operating cash flow of $10.1 million, suggesting that non-operational income is still covering its burn rate.
Written By Fazal Ul Vahab C H