Falling cryptocurrency prices took a heavy toll on Trump Media & Technology Group during the second quarter
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In its second-quarter earnings report, Trump Media said the “vast bulk” of the loss came from non-cash charges rather than money spent or assets sold.
Key facts
Falling cryptocurrency prices took a heavy toll on Trump Media & Technology Group during the second quarter, saddling the Truth Social parent company with a $238 million net loss—a steep increase
Trump Media’s crypto holdings fell more than 33% to $598 million by June 30, including $558 million in Bitcoin and $41 million in Crypto.com’s native token Cronos
That figure included more than $245 million in unrealized crypto losses and more than $7 million in unrealized losses on pledged assets
Last week, Trump Media abandoned plans for a Crypto.com-backed CRO treasury company and ended a broader digital asset agreement with the exchange
Summary
Trump Media reported a $238 million second-quarter loss, up from $20 million a year earlier. Non-cash losses involving digital assets, pledged assets, and equities topped $190 million. Its Bitcoin and Cronos holdings lost more than 33% of their value during the first half. Falling cryptocurrency prices took a heavy toll on Trump Media & Technology Group during the second quarter, saddling the Truth Social parent company with a $238 million net loss—a steep increase from the $20 million it lost a year earlier.