Trump Media & Technology Group reported a $409.7 million third-quarter profit, a sharp swing from a $54.8 million loss a year earlier, Decrypt wrote. The company behind President Donald Trump’s Truth Social disclosed the result on a Monday. Most of that figure did not come from media or technology. It came from the rising value of crypto holdings and related investments.
Operating revenue stayed small
For the three months ended September 30, revenue was $2.97 million, according to the company’s SEC filing.
Most of the profit was a crypto mark-up
Trump Media recorded $496.1 million in realized and unrealized gains on digital assets, pledged crypto, and equity securities, according to its earnings release. Digital assets and pledged coins accounted for $378.1 million of those gains. Securities added another $118 million. Derivative losses and other expenses offset part of the windfall.
Much of the total was an accounting gain: the assets were valued higher even when the company had not sold them for cash.
Bitcoin supplied a major boost. Chief Financial Officer Phillip Juhan said on the earnings call that it rose about 42% during the quarter, from roughly $59,000 at the end of June to $84,000 at the end of September. Trump Media held approximately 15,649 Bitcoin at quarter-end, including around 11,385 coins pledged to a program designed to generate additional returns. The filing says some of those assets are subject to arrangements that allow the counterparty to reuse the coins.
The company expanded into crypto in July 2025, purchasing about $2 billion in Bitcoin and related securities. That decision has tied reported earnings to changes in digital-asset prices. The downside was already visible: in August, Trump Media lost $238 million in the second quarter as declining crypto prices battered its holdings.
Truth Social grew from a small base
Revenue increased 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 posts, which critics have likened to insider trading—plus growth in advertising sales and fees from its Truth.Fi funds.
Even so, adjusted EBITDA, a measure that excludes investment gains and certain other items, was a $12.3 million loss, compared with a $29.1 million loss a year earlier.
The share price and what is still ahead
The quarterly profit had not repaired the longer record for shareholders. On the Tuesday cited in the report, DJT traded around $4.20, up about 3.3% on the day, but down 94.7% from the $79.38 level registered in 2024. As of that report, the stock had lost nearly 70% in 2026.
Trump Media still posted a $234.2 million net loss for the first nine months of 2026. It is also pursuing a $6 billion merger with fusion-energy developer TAE Technologies. Shareholders are scheduled to vote on December 14. Before that vote, holders of the company’s $1 billion in convertible notes can demand cash repayment on November 30, according to the quarterly filing.
The attention is on a nine-figure profit. The filing’s own split is narrower: a few million dollars of revenue, an adjusted operating loss, and a result that moves with crypto prices the company has not necessarily turned into cash. The previous quarter showed the same exposure producing a large loss.
Originally reported by Decrypt on November 11, 2026: Trump Media Posts $410 Million Profit. Bitcoin Gains Did the Heavy Lifting.
