Trump Media reported a loss of $238 million: cryptocurrencies and stocks let DJT down again
Trump Media & Technology Group's (DJT) financial results for the second quarter of 2026 came under pressure from digital asset volatility. The company's net loss reached $238.1 million, with the revaluation of cryptocurrencies and equity instruments held on the balance sheet of Truth Social's owner playing a key role.
It is worth noting that the gap between revenue and expenses narrowed compared to the first quarter, when the loss stood at $405.9 million. However, the operational picture remains weak: revenue barely reached $1.7 million, while adjusted EBITDA fell to negative $223.5 million. This confirms that the company's core operations are not yet generating significant cash flow.
Cryptocurrencies — the main source of losses
The biggest hit to the financial statements came from an unrealized loss line item of $190.4 million. This refers to the decline in the book value of pledged tokens and shares. Under accounting rules, the company is required to revalue assets when their market price falls, and cryptocurrencies were the main driver of this write-down. For the second consecutive quarter, digital asset volatility has determined the financial result — in the previous reporting period, similar losses reached $368.7 million.
The market has already reacted to this news. At the close of the trading session on August 10, DJT shares ended at $9.39, down 8.03% from the previous close of $10.21. In after-hours trading, quotes fell another 0.53% to $9.34. Investors are clearly disappointed by the lack of progress in monetization.
Strategy shift: from crypto assets to energy
Interim CEO Kevin McGern sees the company's future not in digital currencies, but in a merger with TAE Technologies, a player in the fusion energy sector. 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.
Notably, Trump Media is gradually moving away from its previous crypto projects. For example, the company scrapped plans to place assets in CRO tokens through Crypto.com. Instead, on August 1, Truth API was launched — the first data licensing product. Since its release, more than 10 client agreements have been signed, although the launch has already sparked controversy over data pricing related to Truth Social.
My view: Until the company demonstrates a sustainable business model, its dependence on crypto market volatility only amplifies risks for shareholders. The pivot to the energy sector through the merger with TAE is an ambitious step, but it is unlikely to solve the revenue generation problem in the short term. Investors should brace for further turbulence in DJT shares until the company shows real operational results.