SARASOTA, FLORIDA / CryptoWire.AI / – A rally in Bitcoin drove Trump Media & Technology Group to a $409.7 million profit in the third quarter, the company said on Monday, November 9. The owner of President Donald Trump’s Truth Social reversed a $54.8 million loss from a year earlier. But the profit came mostly from gains on crypto holdings and investments, not from its media and technology operations.
Revenue for the quarter ended September 30 was just $2.97 million, according to the company’s SEC filing. Trump Media booked $496.1 million in realized and unrealized gains on digital assets, pledged crypto and equity securities. Digital assets and pledged coins contributed $378.1 million, and securities added $118 million. Derivative losses and other costs offset part of the gains. A year earlier, quarterly revenue was about $973,000.
Much of the windfall was an accounting gain, reflecting assets that rose in value without being sold for cash. Chief Financial Officer Phillip Juhan said Bitcoin climbed about 42% during the quarter, from roughly $59,000 at the end of June to $84,000 at the end of September. That jump lifted the value of the company’s large Bitcoin position. Juhan made the comments on the company’s earnings call.
15,649 Bitcoin on the books
Trump Media held about 15,649 Bitcoin at the end of September. Around 11,385 of those coins were pledged to a program designed to earn additional returns, and some are subject to arrangements that let the counterparty reuse them, the filing said. The company moved into crypto in July 2025 with purchases of about $2 billion in Bitcoin and related securities. That purchase tied the company’s earnings closely to digital-asset prices.
The strategy cuts both ways. Trump Media lost $238 million in the second quarter, reported in August, as falling crypto prices hit its holdings. This quarter, the accounting effect went the other way. Since the end of September, Bitcoin has slipped back, trading near $76,000 as the Nasdaq rebounded after an AI rout last week. Crypto markets were also shaken when Binance saw a $3.64 billion net outflow after a record hack.
Shares remain far below peak
Truth Social revenue rose 205% from about $973,000 a year earlier, helped by Truth+ streaming subscriptions and Truth API, a paid service offering faster access to posts that critics have likened to insider trading. Advertising sales and fees from Truth.Fi funds also grew. The adjusted EBITDA loss narrowed to $12.3 million from $29.1 million a year earlier. The adjusted figure excludes investment gains and certain other items.
The quarterly profit has not repaired the longer-term picture. Trump Media posted a $234.2 million net loss for the first nine months of 2026. DJT shares traded around $4.20 on Tuesday, up about 3.3% on the day but down nearly 70% this year. The stock is down 94.7% from its 2024 peak of $79.38. Holders of $1 billion in convertible notes can demand cash repayment on November 30, before a December 14 vote on a $6 billion merger with TAE Technologies.