Trump Media & Technology Group (TMTG), which runs Truth Social and other Trump-branded media and technology platforms, posted a net loss of approximately $406 million for the first three months of 2026, according to a new SEC disclosure.

The steep drop was driven largely by non-cash unrealized losses, including nearly $244 million in digital assets, chiefly Bitcoin, along with about $108 million in equity securities and investments.

Trump Media reported no change in its Bitcoin position, ending the quarter with 9,542 coins worth approximately $767 million at current market prices. This places it as the 13th largest corporate holder of the crypto asset.

The company also holds 756 million Cronos tokens, acquired through a purchase agreement with Crypto.com last year. Those tokens are now valued at around $53 million.

Beyond direct crypto holdings, the company carried $554 million in equity securities, down from $722 million at the end of 2025. Those positions generated another $162 million in unrealized losses, partially offset by $37 million in gains from options trading and $17 million in realized derivative profits.

The company generated around $18 million in positive operating cash flow during the quarter, its fourth consecutive quarter of doing so. Revenue rose 6% year-over-year to $871,000, coming mainly from advertising on Truth Social and early fees from its Truth.Fi financial products.

As of March 31, 2026, Trump Media held $2.24 billion in total assets, including nearly $280 million in cash, cash equivalents and restricted cash, offset by $953 million in convertible notes and other debt.

Leadership turnover

Trump Media has undergone a major leadership overhaul in recent weeks as the company shifts its strategic direction.

Kevin J. McGurn was named Interim CEO in April 2026, replacing Devin Nunes, while several board members departed and new figures, including Boris Epshteyn and Meredith O’Rourke, joined leadership.

The changes come amid TMTG’s growing focus on energy, AI infrastructure, and digital assets.

TMTG has moved beyond its social media roots through a proposed $6 billion merger with fusion energy company TAE Technologies and discussions about spinning off Truth Social and Truth+.