Trump's Media Business Dynasty Stumbles, Here's Why
The business empire of President Donald Trump, Trump Media and Technology Group (TMTG), recorded depressed financial performance in the second quarter (Q2) of 2026. The company’s net loss swelled to US$238.1 million (Rp4.2 trillion), triggered by non-cash losses from the decline in value of its cryptocurrency portfolio, especially Bitcoin.
According to the company’s financial report, the drastic drop in crypto asset prices during the period eroded the value of TMTG’s digital portfolio. The company, which is listed on the NYSE Texas and Nasdaq under the ticker DJT, was recorded as holding 9,477 Bitcoin worth US$557.1 million as of 30 June 2026. This amount shrank compared to the holding of 9,542 Bitcoin at the end of 2025. The fair value of TMTG’s Bitcoin holdings plunged sharply from US$836 million at the end of last year, based on CoinDesk data.
Beyond Bitcoin, TMTG’s portfolio in the Cronos (CRO) cryptocurrency also contributed to the fall in the company’s digital asset value throughout the first half of the year. Cumulatively during January-June 2026, TMTG booked realised and unrealised losses reaching US$360.6 million (Rp6.4 trillion) on digital assets. For Q2 2026 alone, losses in this position hit US$116.7 million amid the correction in Bitcoin and Cronos prices from March to June.
To support its funding structure, TMTG secured a large portion of its Bitcoin as collateral. As of 30 June, 4,260.73 BTC were pledged as collateral for convertible notes, while another 2,077.34 BTC were used as collateral to support the company’s Bitcoin options strategy.
On the top line, TMTG actually recorded significant growth. Q2 2026 revenue soared 89% year-on-year to US$1.67 million, compared to US$883,000 in the same period last year. This revenue surge was supported by advertising services from barter agreements, subscriber growth for the Truth+ streaming platform, and management fees from the Truth.Fi ETF product. However, operational performance measured by Adjusted EBITDA still recorded a loss of US$223.5 million, with the majority of the loss stemming from non-cash expenses.
This financial report comes amid TMTG’s surprising decision, alongside Crypto.com and Yorkville Acquisition, to cancel plans to form a joint venture named Trump Media Group CRO Strategy. The company cited current market conditions and shifting business and stakeholder priorities as the main reasons for the cancellation. Interim CEO Kevin McGurn stated the company has now sharpened its capital allocation strategy, shifting focus to finalise a merger plan with energy technology company TAE Technologies, targeted for completion in the fourth quarter of 2026.