Trump Media Records $238 Million Loss in Q2 as Crypto Business Tanks

Trump Media & Technology Group has announced jarring losses of over $238 million in Q2 2026, with the company pointing accusing fingers at the volatility of digital assets. A bird’s-eye view reveals Trump Media is retreating from the cryptocurrency industry and dumping its BTC holdings to explore new revenue pathways.

A sky-high loss for Trump Media in Q2 2026

According to an official statement, Trump Media & Technology Group’s Q2 net losses topped $238 million, with company revenue in the same period coming in at under $2 million. Trump Media stock tanked on the heels of the report, but the retreat did little to dent its double-digit gains over the last month.

In Q2 2025, Trump Media recorded less than $20 million in quarterly losses, with the latest numbers representing a 1,090% increase. Per the press release, the company blamed the jarring loss on major declines in non-cash assets and losses stemming from equity securities.

Furthermore, Trump Media cited additional losses from its digital assets holdings during the quarter. Trump Media’s Chief Financial Officer Phillip Juhan noted that the company's operating expenses are largely impacted by the price volatility of digital assets.

A significant source of the damage during the quarter stemmed from unrealized paper losses from Trump Media’s Bitcoin holdings. The company holds a massive 14,139 BTC on its balance sheet amid reports of the company selling off a portion of its holdings.

Trump Media also has major exposure to CRO, the native token of cryptocurrency exchange platform Crypto.com. While price fluctuations throughout the quarter have seen the value of Trump Media’s CRO holdings tank, a purchase agreement with Crypto.com bars the Truth Social parent company from offloading the holdings.

Last week, Trump Media disclosed that it had terminated plans for a proposed publicly traded company that would have accumulated CRO on a massive scale. Both Trump Media and Crypto.com cited changing market conditions and shifting priorities for the mutual termination of the $6 billion CRO deal.

A change in direction for Trump Media

Amid the massive losses, Trump Media has revealed plans to ditch new business lines that failed to net steady profits. Right off the bat, the company has abandoned plans for Truth Predict, a prediction market product with integration into Truth Social.

Furthermore, plans for ETFs have been shelved with Trump Media withdrawing its Bitcoin and ETF applications in May. Meanwhile, the company has hinted at a pivot from its digital asset treasury model, citing a saturated market with dozens of public companies adopting the strategy.

“We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives,” said company CEO Kevin McGurn. “We will say no to things or change course as warranted.”

Meanwhile, the company will focus on Truth API, a paid data feed that offers real-time access to Trump’s Truth Social posts. Furthermore, the company is eyeing broader data licensing opportunities beyond Truth API, underscoring its commitment to a pivot.