Trump Media & Technology Group (TMTG), the parent company of Truth Social, reported a $238 million net loss for the second quarter of 2026 — a sharp increase from the $20 million loss recorded in the same period a year earlier. The company attributed the vast majority of the loss to non-cash charges tied to declining digital asset values, meaning the figures reflect mark-to-market revaluations on its balance sheet rather than cash spent or assets sold.

According to its second-quarter earnings report, Trump Media said the losses were primarily non-cash items rather than actual expenditures or asset sales. These 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. The company added that it expects legal expenses to decline significantly, which would free up resources for growth initiatives.

The earnings report did not break out how much of the quarterly loss was attributable to Bitcoin holdings specifically.

Losses extended across the entire first half of 2026. A June SEC filing showed that Trump Media recorded approximately $361 million in digital asset-related losses during the six months ended June 30. That total included more than $245 million in unrealized crypto losses and over $7 million in unrealized losses on pledged assets. An additional $56 million resulted from reacquiring pledged assets, while more than $52 million came from derecognizing assets.

Trump Media's crypto holdings declined by more than 33%, falling to $598 million by June 30. The portfolio included $558 million in Bitcoin and $41 million in Cronos (CRO), the native token of the Crypto.com exchange. TMTG had built its crypto portfolio as part of a broader push to diversify beyond its core social media business, mirroring a corporate treasury strategy adopted by companies like MicroStrategy and others that have allocated significant portions of their balance sheets to digital assets.

On the revenue side, quarterly revenue rose 89% year-over-year to nearly $2 million. Total assets stood at $2 billion as of the end of the quarter, meaning the company's crypto holdings represented roughly 30% of its balance sheet. The wide gap between TMTG's revenue base and its asset valuation underscores the extent to which investment holdings, rather than operating income, currently drive the company's financial profile. The company said it is now adopting a "more disciplined" digital asset treasury strategy aimed at managing cryptocurrency volatility.

The quarterly results come amid a broader pullback from Trump Media's crypto expansion plans. The previous week, the company abandoned plans for a Crypto.com-backed CRO treasury company and terminated a wider digital asset agreement with the exchange. The companies cited market conditions and evolving business priorities as reasons for the decision. The retreat signals that TMTG's cryptocurrency ambitions may be contracting after an aggressive multi-quarter buildout, and the company's upcoming filings and strategic announcements are likely to clarify whether its digital asset pivot is being scaled back or restructured.