Trump Media posted a third-quarter 2026 profit of USD 409.7 million, after a year-earlier loss of USD 54.8 million. Almost all of it came from non-cash valuation gains on bitcoin and shares.
Trump Media & Technology Group (DJT) operates the social network Truth Social, and its shares trade publicly. It earns money from advertising, subscriptions and, since August 2026, a data feed for business clients. In addition, it has held a large bitcoin treasury since 2025. A capital raise of around USD 2.5 billion in May 2025 laid the foundation. Of that, about USD 1.5 billion came in through shares and USD 1 billion through convertible bonds. As a result, quarterly results have moved with the bitcoin price ever since. The operating business, however, remains small: despite a 205% increase, revenue came to USD 3.0 million.
The market reaction was muted. On November 9, 2026, the stock closed at USD 4.06, up 1.75%. It edged higher in after-hours trading. Still, according to Reuters, it has lost almost 70% since the start of the year. In the midterm elections, the Democrats won majorities in both chambers of Congress. Since then alone, the stock has fallen by around 32%.
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Trump Media profit rests on valuation gains
According to the quarterly filing with the SEC, Trump Media booked realized and unrealized gains of USD 496.1 million. The gains, all non-cash, stem from digital assets, pledged digital assets and shares. Unrealized gains arise when the market value of a holding rises without the company selling. Digital assets alone, including pledged holdings, accounted for USD 378.1 million. Equity positions therefore contributed the rest. By comparison, quarterly revenue looks small. The valuation gains were more than 160 times as large.
However, the quarterly profit is not enough to offset the losses of the first half. By the end of September, the nine-month loss totaled around USD 234.2 million, on revenue of USD 5.5 million. Without valuation effects, the third quarter would also be in the red. Subtracting the USD 496.1 million leaves a calculated loss of around USD 86 million. Adjusted EBITDA, which excludes such effects, also showed a loss of USD 12.3 million. Moreover, operating cash flow declined. CFO Phillip Juhan attributed this partly to the decision to pause the yield strategy for the digital assets.
Truth API expected to drive revenue growth
The 205% revenue increase starts from a very small base. A year earlier, Trump Media had generated just USD 973,000, versus USD 2.97 million in the third quarter of 2026. The largest contribution came from the subscription business in the Media segment, which grew by USD 1.8 million. The company attributes this increase to Truth API and Truth+ combined and does not break it down further. Likewise, Juhan named both products as drivers on the earnings call.
Truth API launched in August 2026. The service gives business clients a low-latency data feed. It thus provides licensed real-time access to posts from selected Truth Social accounts. According to Reuters, subscribers include the financial data provider Bloomberg and trading firms Susquehanna International Group and Jump Trading. The news agency cites unnamed insiders. None of the three firms commented, though, and Trump Media named no customers on the call.
The subscriptions reportedly cost between USD 60,000 and USD 100,000 per month. The company has not disclosed any contract prices. Annualized, that would come to USD 720,000 to USD 1.2 million per client. Measured against the valuation gains, the data business would nevertheless remain a minor item. At the same time, it fits the course of a company gradually moving beyond pure social media.
15,649 bitcoin, almost three-quarters of them pledged
At the end of September, Trump Media held around 15,649 BTC, according to CFO Juhan. Of these, it had pledged around 11,385 BTC, or just under 73%, in a yield program. Previously, in July 2025, the company had put its holdings of bitcoin and bitcoin securities at around USD 2 billion. At the time, that equaled roughly two-thirds of its USD 3 billion in liquid assets.
The pledged bitcoin serves as collateral for options. Trump Media sells covered puts and calls, buys calls and puts itself and uses synthetic long and collar strategies. When it sells an option, the company collects a premium and in return takes on other market participants' price risk. These premiums arrive in bitcoin and also appear on the balance sheet as pledged digital assets. But Trump Media has not designated the positions as hedging relationships for accounting purposes.
At the end of September, the balance sheet showed digital assets of USD 406.7 million. Pledged digital assets added USD 951.4 million. Together, that is around USD 1.36 billion at book value, over half of total assets of USD 2.5 billion. Consequently, bitcoin price moves flow directly through the income statement. In the third quarter, this mechanism worked in favor of the result. A falling bitcoin price, by contrast, would hit the same line items as a loss.
Convertible bonds and TAE merger set the next deadlines
On the liabilities side are convertible bonds of USD 976.8 million. Such instruments are debt securities that the holder can exchange for shares instead of repayment. Trump Media's bonds stem from the May 2025 capital raise, carry no interest and are convertible at a 35% premium. Holders can demand repayment until the end of November. The balance sheet also lists them as a current liability. Interim CEO Kevin McGurn plans to fund the repayment from a mix of cash and loans. The final amount remains open because holders can still decide. So far, the company has used around USD 40 million of its USD 400 million buyback program. It made no repurchases in the third quarter.
Meanwhile, Trump Media is pushing ahead with its merger with nuclear fusion developer TAE Technologies. The partners announced the transaction in December 2025 as an all-stock deal valued at more than USD 6 billion. On a fully diluted basis, each side's shareholders would then own around 50%. Originally, the partners targeted mid-2026 for closing, but the company now cites the fourth quarter. Trump Media had also committed up to USD 300 million in cash. The commitment comprised USD 200 million at signing and USD 100 million at the first SEC filing. In October 2026, TAE eventually drew down the remaining USD 100 million under the convertible loan.
In early November, the SEC declared the S-4 registration statement for the merger effective. As a result, shareholders can vote on the deal at a special meeting on December 14, 2026. Anyone who held shares on November 2 has the right to vote. After closing, the plan calls for Devin Nunes and TAE chief Michl Binderbauer to lead the combined company as co-CEOs. Until then, McGurn runs Trump Media as interim CEO.
“We fully remain on track to close by the end of the year.” - Kevin McGurn, Interim CEO, Trump Media
