Trump Media & Technology Group, the parent company of Truth Social, reported a net loss of $238.1 million for Q2 2026 as declines in the value of its cryptocurrency and other investments weighed on results.

The loss compared with a $20 million loss a year earlier and was driven largely by non-cash mark-to-market losses on digital assets and equity securities. Revenue increased to $1.7 million from roughly $900,000 in the same period last year, though the top line remains modest relative to the company's outsized investment portfolio.

Trump Media has been building a large digital-asset treasury, a strategy embraced by a small but growing group of public companies, most prominently MicroStrategy. But its Bitcoin holdings have fallen sharply from the levels accumulated during its initial push into cryptocurrencies. The company bought 11,542 Bitcoin for about $1.37 billion and has since moved 7,281 coins, according to on-chain analysis.

The company's crypto strategy has generated about $361 million in losses, with the decline coming as Bitcoin prices fell from the levels at which Trump Media accumulated much of its holdings. Under fair-value accounting rules adopted in late 2024, companies must report realized and unrealized gains and losses on digital assets each quarter, meaning paper losses flow directly through the income statement even when no coins have been sold.

As of June 30, 2026, Trump Media reported holding about 9,477 Bitcoin, alongside roughly 2,077 Bitcoin pledged to its yield-management programme and about 14.4 million shares of the iShares Bitcoin Trust ETF. The company said it subsequently sold part of its ETF position to acquire an additional 2,534 Bitcoin. The yield-management programme, which involves pledging Bitcoin to generate returns, introduces additional counterparty and liquidity considerations alongside the underlying price exposure.

Trump Media also held more than $400 million in cash and short-term investments at the end of the quarter, while its Bitcoin-related assets remained a significant component of its balance sheet.

The results underscore the risks facing companies that have adopted Bitcoin as a major treasury asset, with swings in the cryptocurrency's price capable of producing substantial accounting losses even when the underlying assets have not been sold. For Trump Media, whose operating revenue remains under $2 million per quarter, the performance of its investment portfolio now overshadows the fundamentals of its social-media and streaming businesses.