In brief
- Trump Media earned $409.7 million in the third quarter, but revenue totaled just $3 million.
- Bitcoin and securities gains supplied most of the profit, reversing a $238 million second-quarter loss.
- DJT traded near $4.20 Tuesday, more than 94% below its March 2024 peak.
Trump Media & Technology Group reported a $409.7 million third-quarter profit on Monday, a sharp turnaround for the company behind President Donald Trump's Truth Social.
However, most of the money that Trump Media & Technology made didn't come from media or technology. It came from the rising value of its crypto holdings and related investments.
The company generated just $2.97 million in revenue during the three months ended September 30, according to its SEC filing. A year earlier, it had reported a $54.8 million loss.
Trump Media recorded $496.1 million in realized and unrealized gains on digital assets, pledged crypto and equity securities, according to its earnings release. Much of that was an accounting gain—assets rose in value even when the company hadn't sold them for cash.
Digital assets and pledged coins accounted for $378.1 million of those gains, with securities adding another $118 million. Derivative losses and other expenses offset part of the windfall.
Bitcoin supplied a major boost. Chief Financial Officer Phillip Juhan said on the earnings call that it rose about 42% during the quarter, from roughly $59,000 at the end of June to $84,000 at the end of September.
Trump Media held approximately 15,649 Bitcoin at quarter-end, including around 11,385 coins pledged to a program designed to generate additional returns. Some of those assets are subject to arrangements allowing the counterparty to reuse the coins, according to the filing.
→The company expanded into crypto in July 2025, purchasing about $2 billion in Bitcoin and related securities. That decision has tied its earnings closely to changes in digital-asset prices.
The downside was obvious just three months ago. Back in August Trump Media lost $238 million in the second quarter as declining crypto prices battered its holdings. This quarter, the accounting effect went in the opposite direction.
Truth Social's underlying business improved, though from a small base. Revenue increased 205% from about $973,000 a year earlier, supported by subscriptions for Truth+ streaming and Truth API, a paid service that gives customers faster access to posts on the platform that critics have likened to insider trading.
The company also recorded growth in advertising sales and fees from its Truth.Fi funds. Even so, Trump Media reported a $12.3 million adjusted EBITDA loss, a measure that excludes investment gains and certain other items, compared with a $29.1 million loss a year earlier.
The latest quarterly profit has not repaired the longer-term picture for shareholders. DJT shares traded around $4.20 Tuesday, up about 3.3% on the day but down 94.7% from their $79.38 registered back in 2024. The stock has lost nearly 70% this year.
Trump Media still posted a $234.2 million net loss for the first nine months of 2026. It is also pursuing a $6 billion merger with fusion-energy developer TAE Technologies, which shareholders are scheduled to vote on December 14.
Before that vote, holders of the company's $1 billion in convertible notes can demand cash repayment on November 30, according to its quarterly filing.
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