FLORIDA: The Trump family media group has posted a net drop of US$405.9mil in the first quarter (1Q), largely driven by unrealised losses in cryptocurrencies held by the company.
Trump Media & Technology Group Corp, which is the parent company of Truth Social, released its 1Q of financial year 2026 results last Friday reporting a positive operating cash flow of US$17.9mil and US$2.1bil in financial assets, which is triple the assets from the same period a year ago.
However, the company’s investment in cryptocurrencies at the peak of the market last summer drove hundreds of millions in losses this quarter.
Close to US$370mil of the company’s losses came from unrealised liabilities in digital assets and equities.
Trump Media currently has over 9,500 bitcoin in its treasury and purchased the digital assets last July at an average cost of US$108,519, per CoinGecko.
The company sold 2,000 bitcoin in late February, when the price of the digital currency was just under US$70,000.
Currently, bitcoin is valued at a little over US$80,000, after a dramatic swing over the last year with the digital currency peaking at US$126,000 in October before dropping dramatically to US$60,000 in early February.
Trump Media’s chief executive officer Devin Nunes, a former Republican congressman from California, stepped down on April 22.
The company’s stock has tumbled more than 90% since early 2022, when it rose as much as US$97.54.
The current stock price is US$$8.93.
Trump Media is the parent of the social-media network that US President Donald Trump launched. — Bloomberg
