SARASOTA, FLORIDA / CryptoWire.AI / – Trump Media & Technology Group reported a $409.7 million third-quarter profit on Monday, November 9, a sharp turnaround for the company behind President Donald Trump’s Truth Social. Most of the money did not come from media or technology. It came from the rising value of the company’s cryptocurrency holdings and related investments. A year earlier, Trump Media had reported a $54.8 million loss.
The company generated just $2.97 million in revenue during the three months ended September 30, according to its filing with the Securities and Exchange Commission. Trump Media recorded $496.1 million in realized and unrealized gains on digital assets, pledged crypto and equity securities. Much of that was an accounting gain, as assets rose in value even though the company had not sold them for cash.
Digital assets and pledged coins accounted for $378.1 million of those gains, while securities added another $118 million. Derivative losses and other expenses offset part of the windfall. Bitcoin supplied a major boost. Chief Financial Officer Phillip Juhan said on the earnings call that Bitcoin rose about 42% during the quarter, from roughly $59,000 at the end of June to $84,000 at the end of September.
A balance sheet tied to Bitcoin
Trump Media held about 15,649 Bitcoin at the end of the quarter, including around 11,385 coins pledged to a program designed to generate additional returns. Some of those assets are subject to arrangements that allow the counterparty to reuse the coins, according to the filing. The company expanded into crypto in July 2025, buying about $2 billion in Bitcoin and related securities. The size of the position means even small moves in Bitcoin can swing quarterly results.
That decision has tied Trump Media’s earnings closely to swings in digital-asset prices. In August, the company reported a $238 million second-quarter loss as falling crypto prices battered its holdings. This quarter, the accounting effect worked in the opposite direction. Crypto markets turned volatile again in late October, and Binance customers withdrew $4.6 billion after a record heist. Holders of the company’s $1 billion in convertible notes can demand cash repayment on November 30, according to its quarterly filing.
Truth Social revenue triples
Truth Social’s underlying business improved, though from a small base. Revenue rose 205% from about $973,000 a year earlier, supported by subscriptions for Truth+ streaming and Truth API, a paid service that gives customers faster access to platform posts. Critics have likened the API to insider trading. The company also recorded growth in advertising sales and fees from its Truth.Fi funds. Revenue remains tiny compared with the company’s investment gains.
Even so, Trump Media reported a $12.3 million adjusted EBITDA loss, compared with a $29.1 million loss a year earlier. The company posted a $234.2 million net loss for the first nine months of 2026. DJT shares traded around $4.20 on Tuesday, down 94.7% from their 2024 peak of $79.38. Bitcoin traded near $76,000 last week as tech stocks rebounded from an AI rout. Shareholders will vote on a $6 billion merger with fusion-energy developer TAE Technologies on December 14.