Trump Media reports $361M crypto loss as Bitcoin and Cronos holdings crater

Trump Media & Technology Group, the company behind Truth Social, just posted $360.6 million in digital asset losses for the first half of 2026. That figure, driven almost entirely by unrealized markdowns on its Bitcoin and Cronos holdings, represents a brutal reality check for a company that leaned hard into crypto as a treasury strategy.

The losses dwarf the company’s actual business revenue, which came in under $2 million for the second quarter alone. To put that ratio in perspective: TMTG lost roughly $180 in crypto value for every $1 it earned from operations.

The numbers behind the damage

TMTG’s Bitcoin stash stood at 9,477 BTC as of June 30, 2026, carrying a fair value of approximately $557 million. That’s down from 9,542 BTC valued at $836 million at the end of 2025. The company shed 65 BTC during the period, but the real pain came from price depreciation, not selling. The fair value of its Bitcoin position dropped by roughly $279 million in just six months.

Then there’s the Cronos problem. TMTG holds approximately 756.1 million CRO tokens, a position that has also suffered significant fair value declines. The combination of Bitcoin and Cronos markdowns accounts for the bulk of the $360.6 million loss figure.

For Q2 2026 specifically, the net loss hit $238 million. Revenue remained stubbornly below the $2 million mark, meaning the company’s social media platform continues to generate negligible income relative to the scale of its balance sheet bets.

These are unrealized losses, which means TMTG hasn’t actually sold the assets at a loss. Under current accounting rules, companies must mark digital assets to fair value each quarter. When prices drop, the paper losses flow straight through the income statement.

Crypto.com deal scrapped, fusion energy beckons

In what may be the clearest signal of strategic retreat, TMTG terminated its proposed business-combination and services agreements with Crypto.com on August 7, 2026. The arrangements had been designed to support TMTG’s crypto treasury operations, essentially providing infrastructure for managing and potentially expanding its digital asset holdings.

Instead, TMTG appears to be pivoting toward an entirely different frontier: fusion energy. The company is preparing for a merger with TAE Technologies, a fusion-energy firm.