Trump Media reported a loss of $238 million: cryptocurrencies once again became the main source of pressure.
Trump Media & Technology Group (DJT) reported a net loss of $238.1 million for the second quarter of 2026. The main blow to financial performance came from the revaluation of digital assets and equity instruments held on the company's balance sheet.
The gap between revenue and expenses narrowed compared to the first quarter, when the loss reached $405.9 million. However, operating activities continue to remain unprofitable: revenue amounted to only $1.7 million, while adjusted EBITDA went negative at $223.5 million. This confirms that the company's business model is still far from sustainable, and the key role in the reporting is played not by operating results, but by the volatility of capital markets.
Cryptocurrencies once again caused the loss
The largest contribution to the quarterly loss came from unrealized losses of $190.4 million related to the impairment of pledged tokens and shares. Under accounting standards, the company is required to reflect the fair value of assets, and when market quotes fall, it records a paper loss. In the second quarter, cryptocurrencies were precisely the main source of such pressure.
This is already the second consecutive reporting period in which the volatility of digital assets determines the financial result. In the previous quarter, similar losses reached $368.7 million, indicating the systemic nature of the problem: the company continues to bear significant risks due to its concentration in high-risk instruments.
Strategy shift: the TAE deal and data licensing
Interim CEO Kevin McGern called the upcoming merger with TAE Technologies, a company in the field of fusion energy, a key driver of business value growth. The deal is expected to close in the fourth quarter. According to him, this is a logical continuation of the strategy to build protected infrastructure, now in the area of energy security.
It is telling that a new source of revenue emerges at a time when Trump Media is moving away from its previous crypto projects. The company shelved plans to place assets in CRO tokens via Crypto.com and focused on data licensing. The Truth API product launched on August 1 has already attracted more than 10 client agreements, although the pricing policy drew mixed reactions from the market.
DJT shares closed trading on August 10 at $9.39, down 8.03% from the previous close. In after-hours trading, quotes continued to fall to $9.34.
My view: The transition from cryptocurrency experiments to the TAE deal looks like an attempt to diversify risks, but for now it is more of a shift from one volatile story to another. The fundamental problem of Trump Media — the lack of a sustainable operating model — has not gone away. Investors should view the current losses as a signal that the company remains hostage to market conditions rather than to its own strategy.