Trump Media & Technology Group (TMTG) reported a $54.8 million net loss in its third-quarter earnings, despite its Bitcoin holdings reaching $1.3 billion.
The company, which operates the Truth Social platform, said its revenue dropped to $972,900 in Q3, down from over $1 million a year ago. Shares of Trump Media (DJT) fell 1.73% to $13.10 on Friday, with a slight after-hours uptick to $13.20.
As of September 30, Trump Media held 11,542 Bitcoin and plans to continue purchasing more. The firm also reported $15.3 million in realized income from Bitcoin options and $33 million in unrealized gains from holding over 746 million Cronos tokens (CRO).
According to Devin Nunes, CEO of Trump Media, the third quarter was “crucial” for the company’s expansion, helping it secure its financial future with a “massive Bitcoin treasury.”
In partnership with Crypto.com and Yorkville Acquisition Corp, Trump Media plans to purchase up to $1 billion in Cronos tokens, equal to about 6.3 trillion CRO.
Despite the growth of its financial assets from $274 million in March to $3.1 billion by the end of September, Trump Media’s stock has fallen more than 61% year-to-date.
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