Trump Media Swings to $410 Million Q3 Profit on Bitcoin Gains

Trump Media & Technology Group posted a $410 million profit for the third quarter, a swing from a $54.8 million loss a year earlier, with bitcoin accounting gains doing most of the work, according to its SEC filing for the three months ended September 30.

Revenue told a different story. The company generated just $2.97 million in the quarter. The gap between that top line and the nine-figure profit sits in a $496.1 million block of realized and unrealized gains on digital assets, pledged crypto and equity securities disclosed in its earnings release. Much of that was an accounting gain — assets rose in value even where Trump Media hadn't sold them for cash.

Digital assets and pledged coins accounted for $378.1 million of the total, with securities adding another $118 million. Derivative losses and other expenses trimmed part of the windfall.

How much did bitcoin move?

Chief Financial Officer Phillip Juhan said on the earnings call that bitcoin 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 sit under arrangements allowing the counterparty to reuse the coins, the filing shows.

The company moved into crypto in July 2025, buying about $2 billion in bitcoin and related securities. That decision has tied its earnings directly to digital-asset prices. The exposure cut both ways: in August, Trump Media lost $238 million in the second quarter as falling crypto prices battered its holdings. This quarter, the same accounting effect ran in the opposite direction.

What about Truth Social itself?

The platform's underlying business improved, though from a small base. Revenue climbed 205% from about $973,000 a year earlier, supported by Truth+ streaming subscriptions and the Truth API, a paid service giving customers faster access to posts — a product critics have likened to insider trading. Advertising sales grew, as did fees from the Truth.Fi funds.

Even so, the company reported a $12.3 million adjusted EBITDA loss, a measure that strips out investment gains and certain other items, narrower than the $29.1 million loss a year earlier.

What's next for shareholders?

One profitable quarter hasn't repaired the longer-term picture. DJT shares traded around $4.20 Tuesday, up about 3.3% on the day but down 94.7% from the $79.38 registered in 2024, and down nearly 70% this year. Trump Media still carries a $234.2 million net loss for the first nine months of 2026.

Two dates now frame the story. Holders of the company's $1 billion in convertible notes can demand cash repayment on November 30, per the quarterly filing. And on December 14, shareholders vote on the proposed $6 billion merger with fusion-energy developer TAE Technologies — a decision that will test whether investors want the stock tied to a second volatile asset class.