Trump Media’s $409.7M Quarter Had $BTC Pulling Its Weight

Trump Media & Technology Group reported a $409.7 million third-quarter profit on Monday, driven primarily by rising crypto holdings rather than its media and technology operations. Revenue for the three months ended September 30 totaled $2.97 million, compared with a $54.8 million loss a year earlier.

Trump Media recorded $496.1 million in realized and unrealized gains on digital assets, pledged crypto and equity securities, according to its earnings release. Digital assets and pledged coins generated $378.1 million of those gains, while securities added another $118 million, offset partly by derivative losses and other expenses. Many of the gains were accounting gains on assets that increased in value without being sold for cash.

Bitcoin provided the largest boost. Chief Financial Officer Phillip Juhan said on the earnings call that $BTC 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 pledged 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.

Truth Social’s underlying operations improved 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 providing customers with faster access to posts. The company also reported growth in advertising sales and fees from its Truth.Fi funds. Even so, Trump Media posted a $12.3 million adjusted EBITDA loss, compared with a $29.1 million loss a year earlier, after excluding investment gains and certain other items.

The company’s results reversed the crypto-driven hit reported in August, when Trump Media lost $238 million in the second quarter as digital-asset prices declined. The longer-term picture for shareholders remained mixed: 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, after losing nearly 70% so far that year. DJT shares later jumped 35% Thursday after the company agreed to merge with fusion power firm TAE Technologies in a $6 billion all-stock transaction, with the stock recently changing hands at $14.13 shortly after trading began.