Trump Media & Technology Group, the parent of Truth Social, reported a net loss of $238.1m for the second quarter of 2026, a figure that dwarfs the $20m loss it posted a year earlier and turns the company’s slow drift from social network to crypto holding vehicle into something close to a headline.
Most of the damage came not from running a media business but from watching digital assets fall, an outcome that follows directly from the strategy laid out when Trump Media reported a $405.9m first-quarter loss, almost entirely from crypto markdowns.
The arithmetic is stark. Unrealised markdowns on digital assets and securities totalled $190.4m, within which realised and unrealised losses on bitcoin and pledged bitcoin came to $116.7m, since crypto prices slid over the period.
Against that, the company’s actual operating business looks almost decorative: revenue reached $1.67m, up 89% year on year from $883,300, which is real growth in percentage terms yet a rounding error next to the treasury swings that now define the quarterly numbers.
There is a genuinely brighter reading buried in the release, though, because the loss narrowed sharply from the previous quarter.
