Key Takeaways
- The company disclosed a first quarter net deficit of $405.9 million while generating only $871,200 in operational revenue.
- Cryptocurrency impairments totaling $244 million on Bitcoin and $108.2 million on investment holdings fueled the quarterly shortfall.
- The firm’s Bitcoin position consists of 9,542 BTC purchased at $1.13 billion, valued at merely $647 million as of March 31.
- Operational revenue increased a modest 6% compared to the prior year period; former CEO Devin Nunes departed on April 22.
- Shares of DJT have declined over 90% since reaching an all-time high of $97.54 in early 2022.
Trump Media & Technology Group disclosed a staggering $405.9 million net deficit for the first quarter of 2026. This represents a dramatic increase from the $31.7 million loss recorded during the corresponding quarter of the previous year.
The organization generated a mere $871,200 in operational revenue during the three-month period. While this figure represents a 6% uptick from the first quarter of 2025, it pales in comparison to the nearly $406 million deficit.
DJT stock was recently changing hands at approximately $8.93. Shares have plummeted more than 90% from their all-time peak of $97.54 reached in early 2022.
Trump Media & Technology Group Corp., DJT
The primary contributor to the losses stemmed from digital asset holdings. The company registered $244 million in unrealized impairments on its Bitcoin portfolio, accompanied by an additional $108.2 million in investment losses predominantly connected to equity instruments.
The organization maintains a position of 9,542.16 BTC. These digital assets were acquired at an average price of approximately $108,519 per coin — close to the market’s zenith last summer — resulting in an aggregate cost basis of $1.13 billion.
As of March 31, this cryptocurrency position carried a market value of just $647 million. The differential between acquisition cost and market valuation: approaching $500 million.
Bitcoin has experienced a rebound since quarter-end. The holdings now carry an estimated value of approximately $770 million with BTC trading above the $80,000 threshold.
Cronos Token Holdings Compound Losses
The company additionally maintains 756.1 million Cronos (CRO) tokens. These digital assets were acquired for $113.9 million as part of a Crypto.com collaboration established last year. At the conclusion of the quarter, their market value stood at $53 million.
The CRO acquisition was structured as part of a strategic alliance integrating the token into Truth Social and Truth+ incentive programs. This arrangement has yet to demonstrate positive financial impact.
Regarding the firm’s Bitcoin portfolio, 4,260.73 BTC — carrying a value of approximately $289 million at quarter-end — serves as collateral backing convertible debt instruments. An additional 2,000 BTC is designated as collateral associated with covered call strategies employed to mitigate volatility exposure.
Notwithstanding the substantial losses, operational cash generation remained positive at $17.9 million for the quarter. The company derived benefit from premium income generated through options strategies on its collateralized Bitcoin holdings.
Aggregate financial assets expanded to $2.1 billion, representing a threefold increase compared to the same period one year prior.
Revenue Analysis
Media-related revenue totaled $810,100. Truth.Fi, the organization’s exchange-traded fund division, contributed $61,100 in administrative fees. These combined streams account for the $871,200 aggregate revenue figure.
The organization secured $2.5 billion in capital for its Bitcoin treasury initiative last year, subsequently announcing a $2 billion Bitcoin allocation in July 2025.
Former CEO Devin Nunes departed his position on April 22. The company has not yet designated a permanent successor.
American Bitcoin, the mining operation co-established by Eric Trump with support from Donald Trump Jr., reported an $81.7 million net deficit in the first quarter. The mining entity produced a record 817 BTC throughout the period.
