Trump Media & Technology Group posted a $409.7 million profit for the third quarter on Monday, a sharp reversal for the company behind President Donald Trump's Truth Social—but the bulk of the gains came not from media or technology, rather from the rising value of its crypto holdings and related investments.

The company generated just $2.97 million in revenue during the three months ended September 30, according to its SEC filing. A year earlier, it had reported a $54.8 million loss. The quarterly profit also marks a turnaround from a $238 million loss in the second quarter.

According to its earnings release, Trump Media recorded $496.1 million in realized and unrealized gains on digital assets, pledged crypto, and equity securities. Much of that was an accounting gain—assets rose in value even though the company had not sold them for cash. That treatment reflects fair-value accounting rules for digital assets, which require companies to mark their crypto holdings to market each quarter, meaning price swings flow through earnings whether or not any coins are sold.

Digital assets and pledged coins accounted for $378.1 million of those gains, with securities adding another $118 million. Derivative losses and other expenses offset part of the windfall.

Bitcoin supplied a major boost. Chief Financial Officer Phillip Juhan said on the earnings call that Bitcoin rose about 42% during the quarter, from roughly $59,000 at the end of June to $84,000 at the end of September.

Trump Media held approximately 15,649 Bitcoin at quarter-end, including around 11,385 coins pledged to a program designed to generate additional returns. Some of those assets are subject to arrangements that allow the counterparty to reuse the coins, according to the filing—a common feature of crypto pledge and lending programs that leaves part of a company's reported holdings in a counterparty's hands while the coins are pledged.

The company expanded into crypto in July 2025, purchasing about $2 billion in Bitcoin and related securities. The purchase placed Trump Media among a growing group of public companies that hold bitcoin on their balance sheets, a treasury strategy pioneered by software firm Strategy, formerly MicroStrategy, in 2020. That decision has tied its earnings closely to changes in digital-asset prices—a downside that was evident just three months earlier, when Trump Media lost $238 million in the second quarter as declining crypto prices battered its holdings. This quarter, the accounting effect moved in the opposite direction.

Truth Social's underlying business improved, though from a small base. Revenue increased 205% from about $973,000 a year earlier, supported by subscriptions for Truth+ streaming and Truth API, a paid service that gives customers faster access to posts on the platform that critics have likened to insider trading. The company also recorded growth in advertising sales and fees from its Truth.Fi funds.

Even so, Trump Media reported a $12.3 million adjusted EBITDA loss, a measure that excludes investment gains and certain other items, compared with a $29.1 million loss a year earlier.

The latest quarterly profit has not repaired the longer-term picture for shareholders. DJT shares traded around $4.20 on Tuesday, up about 3.3% on the day but down 94.7% from the $79.38 peak registered in 2024. The stock has lost nearly 70% this year.

Trump Media still posted a $234.2 million net loss for the first nine months of 2026. It is also pursuing a $6 billion merger with fusion-energy developer TAE Technologies, which shareholders are scheduled to vote on December 14. Before that vote, holders of the company's $1 billion in convertible notes can demand cash repayment on November 30, according to its quarterly filing. For the fourth quarter, the roughly $84,000 bitcoin price at the end of September stands as the starting mark for those holdings, and any move from that level will flow through reported results under the same accounting rules.