Trump Media & Technology Group, the firm behind the social-platform Truth Social, reported a $54.8 million net loss for the third quarter of 2025, widening from a $19.3 million loss a year earlier. During the same period, the company disclosed holdings of 11,542 Bitcoin, and revealed it had realised $15.3 million in income from Bitcoin-options positions and posted unrealised gains of $33 million from over 746 million tokens of the Cronos blockchain asset.
Crypto Treasuries and Business Performance
The company began acquiring Bitcoin in late July 2025 and flagged a broader strategy to buy up to $1 billion of Cronos tokens. The strategy followed fundraising efforts that brought in $1.5 billion through equity and $1 billion via convertible bonds. Despite the large crypto treasury, revenue fell to $972,900 and shares remain down around 61 % year-to-date, reflecting investor skepticism about whether crypto holdings can compensate for weak core earnings.
Strategic Risks and Market Context
While the crypto-asset build-up reflects aggressive ambition, the widened loss and stalled revenue growth illustrate significant execution risk. Investors should monitor whether the company generates sustainable operating cashflow, effectively monetises its crypto holdings, and integrates digital-asset strategies without undermining media operations. With its business model bridging media and crypto, the firm faces complex regulatory, valuation and execution challenges.
In turn, the episode highlights how public companies that lean into crypto assets may still struggle if their core operations underperform. Digital-asset holdings don’t automatically translate into stable earnings or investor confidence.
