Trump Media reported a loss of $238 million: cryptocurrencies and stocks once again hit DJT's balance sheet
The financial results of Trump Media & Technology Group (ticker: DJT) for the second quarter of 2026 came under pressure from digital asset volatility. The company's net loss reached $238.1 million, driven primarily by paper losses from the revaluation of cryptocurrencies and equity instruments held on its balance sheet.
The gap between revenue and expenses narrowed compared to the first quarter, where the loss stood at $405.9 million, but the operational picture remains weak. Revenue for the owner of Truth Social totaled just $1.7 million, while adjusted EBITDA fell to negative $223.5 million. This confirms that the business is not yet generating sustainable cash flow, and any movements in the capital markets are directly reflected in the financial statements.
Cryptocurrencies once again became the main driver of losses
The key loss item was unrealized losses of $190.4 million — related to digital assets, pledged tokens, and shares on the balance sheet. Under accounting standards, the company is required to reduce the carrying value of assets when their market price declines. In the second quarter, cryptocurrencies were the main source of write-downs, once again highlighting the risks associated with holding highly volatile instruments on corporate accounts.
This is the second consecutive reporting period in which digital asset volatility has determined the financial result. In the previous quarter, similar losses reached $368.7 million, pointing to a systemic problem: the company continues to bear significant risks despite its stated diversification.
On August 10, the trading session closed at $9.39, down 8.03% from the previous close ($10.21). In after-hours trading, quotes fell another 0.53% — to $9.34. The market is clearly disappointed with the report, and pressure on DJT shares persists.
Merger with TAE and new revenue sources
Interim CEO Kevin McGern named the planned merger with TAE Technologies — a company in the fusion energy sector — as the main driver of business value growth. The deal is expected to close in the fourth quarter. According to him, this is a "key factor for long-term shareholder growth" and a logical continuation of the strategy to build sustainable infrastructure in the field of energy security.
In parallel, Trump Media launched Truth API — its first data licensing product, released on August 1. Since the launch, more than 10 client agreements have been signed. The launch sparked discussions about pricing for access to data related to Truth Social, adding uncertainty around the platform's monetization.
The company also abandoned plans to place assets in CRO tokens via Crypto.com, signaling a revision of its crypto strategy in favor of more traditional directions.
My view: As long as DJT continues to incur losses due to crypto market volatility, investors should assess the company solely as a speculative asset rather than an operating business. The merger with TAE is an ambitious step, but it does not solve the current revenue generation problems. Until the deal closes and real financial results emerge, the shares remain extremely sensitive to market sentiment.