Trump Media Reports $361 Million Crypto Loss

Trump Media and Technology Group (NASDAQ: $DJT) has reported a $360.6 million U.S. loss on its cryptocurrency holdings for this year's first half.

The parent company of Truth Social also reported that its Bitcoin (CRYPTO: $BTC) holdings shrank during the second quarter of the year. 

The company backed by U.S. President Donald Trump and his family held 9,477 Bitcoin 
valued at $557.1 million U.S. as of June 30, according to its earnings report. 

That's down from 9,542 BTC owned at the end of March this year. The company's Bitcoin holdings declined by 65 tokens in the second quarter.

A big share of Trump Media's Bitcoin was pledged as collateral, with 4,260 BTC pledged against convertible notes and another 2,077 tokens pledged for a Bitcoin options strategy.

Trump Media cited "prevailing market conditions and shifting business and stakeholder priorities" as the reason for its crypto losses. 

In all, Trump Media & Technology Group reported a net loss of $238 million U.S. for its fiscal second quarter on revenue of less than $2 million U.S.

DJT stock has declined 46% in the last 12 months to trade at $9.39 U.S. per share. 

Bitcoin is trading at $64,260 U.S. on Aug. 11.