Trump Media and Technology Group, the company behind Truth Social, reported a third-quarter net profit of $409.7 million, a sharp swing from the $54.8 million net loss it recorded in the same period last year. According to the company, the jump was driven almost entirely by paper gains on its cryptocurrency holdings, pledged assets and equity stakes.

The results also laid bare a wide gap between Trump Media's reported net income and its operating business. Quarterly revenue came in at $3 million, up 205% from $1 million a year earlier. The $409.7 million net profit, however, rested largely on $496.1 million in realized and unrealized gains on digital assets, pledged digital assets and equity securities, partly offset by $54 million in derivative losses. The company also posted an adjusted EBITDA loss of $12.3 million, a measure intended to show how the underlying operations performed. Shares edged up 1% in post-market trading.

Because most of the headline profit came from unrealized gains, it exists as balance-sheet appreciation rather than cash collected from customers — the mechanics behind a $3 million revenue quarter producing a nine-figure profit, and a sign that with media operations still small, the company's reported results currently move with the market value of its crypto holdings.

More than 15,000 Bitcoin on the balance sheet

By the end of the third quarter of last year, Trump Media had yet to turn a profit as a publicly traded company, despite expanding into areas such as exchange-traded funds and prediction market contracts. At that time, it held approximately $1.5 billion in crypto assets, largely comprising $1.3 billion in Bitcoin and around $147 million in Cronos, the token associated with the Crypto.com exchange.

Chief Financial Officer Phillip Juhan said on Monday that the company held nearly 15,650 Bitcoin at the end of the third quarter and is earning passive income on about 11,385 of those coins, meaning roughly seven in ten of its Bitcoin are put to work generating yield rather than held idle.

The company also reported a $1.8 million boost in subscription revenue tied to its Truth API, which first went live in August and gives institutional clients ultra-fast access to market-moving posts from top accounts, including President Trump's. Subscribers include Bloomberg, Susquehanna and Jump Trading, paying between $60,000 and $100,000 a month, according to Reuters. Modest as it is next to the asset gains, the API gives Truth Social a recurring-revenue data product aimed squarely at trading firms.

Despite the quarterly gains, Trump Media's stock has plunged nearly 70% year-to-date. That includes a 32% drop following the midterm elections, in which Democratic victories in both chambers were largely interpreted by investors as a rejection of Trump's economic and political platform. Even so, President Trump's majority stake remains worth $466 million on the Bloomberg Billionaires Index. The shares are held in a trust managed by his eldest son.

TAE Technologies merger remains on track

Trump Media has for some time been reshaping itself through financial products and clean energy. The company recently announced that its proposed merger with nuclear fusion developer TAE Technologies remains on schedule to close before the end of 2026, with shareholders expected to vote on the deal on December 14.

"We fully remain on track to close by the end of the year. When our merger closes, we solidify public market investor access to the future of energy in our country and around the world," interim CEO Kevin McGurn said.

The proposed merger, valued at more than $6 billion, represents another major step in Trump Media's diversification strategy. TAE Technologies specializes in nuclear fusion technology, which generates energy by combining light atomic nuclei under extremely high temperatures. Unlike conventional nuclear power plants that rely on fission, fusion replicates the process that powers the sun. The technology has been gaining interest because it can provide abundant electricity with lower carbon emissions.

For Trump Media, the proposed combination offers an entry into the energy sector and exposure to growing electricity demand from AI data centers. Commercial fusion power is difficult, however — companies are still trying to build reactors that produce more energy than they consume — so TAE's ability to overcome technical and financial hurdles will be key to the merger's long-term success.

Trump's crypto ventures face scrutiny

Digital assets have become a primary driver of wealth for Donald Trump. His mandatory financial disclosure revealed more than $1.4 billion (£1.05 billion) in crypto-related income for 2025. Of that total, he received $635 million from Celebration Coins, the group behind his signature $TRUMP meme coin, which has shed most of its value since debuting ahead of his second term. He also pulled in more than half a billion dollars from World Liberty Financial.

The White House pushed back against claims of financial opportunism at the time. Trump defended the earnings by noting that rising markets were enriching "everybody," while reiterating that he maintains a strict separation from his personal financial dealings.

All of Trump's business holdings and assets, including Trump Media, are placed in a trust managed by family members, including Donald Trump Jr., and third parties, an arrangement under which he is said to be insulated from day-to-day operations and direct trade decisions. Critics, however, insist that Trump Media's efforts to branch into new sectors could provide an indirect channel for foreign states, corporations or lobbying groups to influence Trump through stock acquisitions, ad buys or commercial relationships.