Trump Media & Technology Group posted a $360.6 million digital-asset loss for the first half of 2026 as its Bitcoin and Cronos holdings fell in value. The company kept adding to its Bitcoin stash even as it scrapped its crypto expansion plans with Crypto.com and appears to be pivoting toward a fusion-energy merger.
Trump Media & Technology Group lost $360.6 million on its crypto holdings in the first half of 2026, a figure that dwarfs the Truth Social parent's core business. The company earned under $2 million in revenue during the second quarter alone, meaning it lost roughly $180 in crypto value for every dollar it earned from operations.
Bitcoin markdowns drive the loss
The company's Bitcoin stash stood at 9,477 BTC as of June 30, 2026, carrying a fair value of approximately $557 million, down from 9,542 BTC valued at $836 million at the end of 2025. It shed 65 tokens during the period, but the real damage came from price depreciation rather than selling, with the fair value of its Bitcoin position dropping by roughly $279 million in six months.
Trump Media cited "prevailing market conditions and shifting business and stakeholder priorities" for the crypto losses. Its Cronos holdings fared worse still: the 756.1 million CRO tokens carried a $113.9 million cost basis but a fair value of just $40.6 million, roughly 64% below cost.
Treasury keeps growing despite the losses
Even as the paper losses mounted, Trump Media kept buying. The company ended July with 14,139 BTC, worth $890.5 million, after selling $159.6 million of Bitcoin-related securities and using the proceeds to buy Bitcoin directly. That marked roughly a 22% increase from the 11,554.5 BTC reflected across its direct holdings and options-pledged coins at June 30. Meanwhile, DJT stock has declined 46% over the past 12 months to $9.39 per share. Bitcoin itself traded at $64,260 on Aug. 11.
A November liquidity test looms
Much of the treasury is now tied up as collateral. Trump Media pledged 4,260 BTC against convertible notes and another 2,077 BTC for a Bitcoin options strategy. Those convertible notes, which raised $1 billion in May 2025 and mature in May 2028, carry an earlier liquidity option: on Nov. 30, holders can require the company to repurchase the notes for cash at 100% of principal plus accrued interest. That date does not guarantee noteholders will demand repayment, but it gives them the contractual right to do so.
Retreat from Crypto.com, pivot to fusion
In what may be the clearest signal of strategic retreat, Trump Media terminated its proposed business-combination and services agreements with Crypto.com on Aug. 7, 2026. Instead of expanding its crypto treasury infrastructure, the company is now preparing for a merger with TAE Technologies, a fusion-energy firm.
Sources: Crypto Briefing, CryptoProwl via Yahoo Finance, CryptoSlate
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