Bitcoin Gains Lift Trump Media to a Q3 Profit as Operations Lose $23.6 Million

Truth Social’s parent company reported $409.7 million in third-quarter net income, a figure built on bitcoin and bitcoin-linked securities that rose in value while its own operations lost about $23.6 million, by Unchained’s calculation.

In its quarterly 10-Q filing, Trump Media & Technology Group (DJT) recorded a $378.1 million gain on digital assets and pledged digital assets for the three months ended Sept. 30. The filing counts that gain inside operating costs. Unchained’s operating-loss figure takes it out, using the filing’s results table. In the same quarter of 2025, the company posted a net loss of $54.8 million.

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Note 4 of the filing lists 4,263.94 BTC held directly and 11,385.20 BTC pledged as collateral for covered options, which are options backed by coins the company already owns. That adds up to 15,649.14 BTC, worth about $1.31 billion at quarter’s end. The options counterparty can rehypothecate, or reuse, the pledged coins. Trump Media said in the 10-Q that it trades these options “to generate yield on these assets and increase our principal balance of bitcoin.”

Nearly all of the directly held coins, 4,260.73 BTC, secure the company’s $1 billion of convertible notes. Holders of those notes can require Trump Media to buy them back for cash on Nov. 30.

The company bought 6,359.15 BTC in the first nine months of 2026. It still holds the same 756.1 million Cronos (CRO) tokens it owned at the end of 2025, now valued at $50.3 million, down from $68.0 million. Most of them sit under a sale lock-up that fully lifts in August 2029.

The company’s results release put non-cash gains on digital assets, pledged digital assets and equity securities at $496.1 million in total. The 10-Q shows the stock side: $98.3 million of unrealized and $19.7 million of realized gains on equity securities, partly offset by a $54.0 million loss on derivatives. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, a measure outside standard accounting rules, known as non-GAAP, that strips out those gains) was a $12.3 million loss, narrower than the $29.1 million loss a year earlier.

Revenue rose 205% to $3.0 million. The filing credits most of the increase to subscriptions for Truth API, a paid feed of Truth Social posts launched Aug. 1, and the Truth+ streaming service, along with higher advertising and $164,000 of management fees from the company’s Truth.Fi exchange-traded funds.

“We’ve remained committed to capitalizing on our business fundamentals, and that focus is paying off,” Interim CEO Kevin McGurn said in the release.

The SEC declared Trump Media’s merger registration with TAE Technologies effective on Nov. 5, and shareholders will vote on the deal at a special meeting on Dec. 14. Under the merger agreement, TAE would become a wholly owned subsidiary of Trump Media, and the 10-Q says the combined company would develop and commercialize TAE’s fusion energy technology. The company expects the merger to close in the fourth quarter. In October, TAE borrowed the remaining $100 million available under its convertible note from Trump Media.

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