Trump Media recorded a loss of $238 million: cryptocurrencies and stocks hit the balance sheet again
Trump Media & Technology Group (DJT) financial results for the second quarter of 2026 came under pressure from volatility in digital assets and the stock market. The company's net loss reached $238.1 million, with the bulk of these losses being purely "paper" in nature.
The gap between revenue and expenses narrowed compared to the previous quarter, when the loss stood at $405.9 million. However, the operational picture remains weak: revenue for the reporting period barely reached $1.7 million, while adjusted EBITDA went negative at $223.5 million. Clearly, the Truth Social business is still far from self-sustaining, and any positive developments are being offset by macroeconomic turbulence.
Cryptocurrencies — the main source of losses
The key driver of the loss was unrealized losses of $190.4 million related to the revaluation of collateral assets — tokens and shares held on the company's balance sheet. Under accounting rules, a decline in the market value of such instruments requires a write-down, which is what happened. This is the second consecutive quarter in which digital asset volatility has directly shaped financial results: in the previous reporting period, similar losses reached $368.7 million.
The market reaction was swift. At the close of the trading session on August 10, DJT shares ended at $9.39, down 8.03% from the previous close ($10.21). In after-hours trading, quotes slipped another 0.53% to $9.34. Investors are clearly disappointed by the lack of progress in monetizing the platform.
Strategy shift: from crypto to energy and data
Against the backdrop of losses, interim CEO Kevin McGern is betting on a merger with TAE Technologies, a company in the fusion energy sector. The deal is expected to close in the fourth quarter. According to him, this is a "key driver of long-term shareholder value growth" and a logical continuation of the strategy to build sustainable infrastructure, now in energy security.
In parallel, Trump Media launched Truth API — its first data licensing product, which went live on August 1. More than 10 client agreements have already been signed, although the launch sparked controversy over pricing for access to Truth Social data. Notably, the company also scrapped plans to place assets in CRO tokens via Crypto.com, signaling a pivot away from its previous cryptocurrency initiatives.
From my perspective, the current situation is a striking example of how companies without a sustainable operating business become hostages to market conditions. The shift to energy and data licensing is an attempt at diversification, but without real revenue, these steps are unlikely to change the fundamental valuation of the stock in the short term. Investors should closely monitor the closing of the TAE deal and the dynamics of Truth API subscriptions.