In brief
- Trump Media reported a $238 million second-quarter loss, up from $20 million a year earlier.
- Non-cash losses involving digital assets, pledged assets, and equities topped $190 million.
- Its Bitcoin and Cronos holdings lost more than 33% of their value during the first half.
Falling cryptocurrency prices took a heavy toll on Trump Media & Technology Group during the second quarter, saddling the Truth Social parent company with a $238 million net loss—a steep increase from the $20 million it lost a year earlier.
In its second-quarter earnings report, Trump Media said the “vast bulk” of the loss came from non-cash charges rather than money spent or assets sold. Those included more than $190 million in unrealized losses across digital assets, pledged digital assets, and equity securities.
“As part of management's efforts to streamline TMTG's strategic vision and focus resources on growth initiatives, the Company has substantially resolved its legacy legal matters,” Trump Media wrote, adding that it expects legal expenses to fall significantly, freeing up resources for growth.
