SARASOTA, Florida / CryptoWire.AI / – Trump Media & Technology Group reported a third-quarter net profit of $409.7 million on Monday, November 9, as gains on its crypto holdings far outweighed its small operating business. The owner of Truth Social, the platform used by President Donald Trump, had posted a net loss of $54.8 million a year earlier. Revenue for the three months to September 30 was just $2.97 million, according to its filing.
Most of the profit came from rising asset values rather than media or technology sales. The company recorded $496.1 million in net realized and unrealized gains on digital assets, pledged digital assets and equity securities. Digital assets and pledged coins accounted for $378.1 million of that total, while securities added about $118 million. A derivative loss of $54 million offset part of the windfall. Much of the gain was non-cash, reflecting higher prices for assets that were not sold.
Chief Financial Officer Phillip Juhan said on the earnings call that Bitcoin rose about 42% during the quarter. The price climbed from roughly $59,000 at the end of June to about $84,000 at the end of September. Trump Media held around 15,649 Bitcoin at quarter-end. About 11,385 of those coins were pledged to a Bitcoin yield management program designed to generate extra returns. Counterparties may reuse some of the pledged coins under the arrangements.
Crypto bet ties results to prices
The company moved into crypto in July 2025, buying about $2 billion of Bitcoin and related securities. That decision has tied its earnings closely to digital asset prices. The risk showed three months ago, when Trump Media reported a $238 million loss for the second quarter as falling crypto prices hit its holdings. This quarter, the accounting effect went the other way. The company also still owns 7 million shares of the iShares Bitcoin Trust, a spot Bitcoin exchange-traded fund.
The underlying business improved from a small base. Revenue rose 205% from about $973,000 a year earlier, helped by subscriptions to the Truth+ streaming service and Truth API. The paid data service gives customers fast access to posts on the platform, and its clients include Bloomberg, Susquehanna and Jump Trading. Advertising sales and fees from Truth.Fi funds also grew. Adjusted EBITDA, which excludes investment gains, was a loss of $12.3 million, against a $29.1 million loss.
Shares remain far below 2024 peak
The quarterly profit has not repaired the longer-term picture for shareholders. DJT shares traded around $4.20 on Tuesday, up about 3.3% on the day. The stock is down 94.7% from the $79.38 level reached in 2024 and has lost nearly 70% this year. Trump Media still posted a net loss of $234.2 million for the first nine months of 2026. Its results mirror the wider swings seen across corporate bitcoin treasuries.
Trump Media is also pursuing an all-stock merger worth more than $6 billion with fusion energy developer TAE Technologies. Shareholders are scheduled to vote on the deal on December 14, after the Securities and Exchange Commission declared the registration statement effective on November 5. Before the vote, holders of about $1 billion in convertible notes can demand cash repayment on November 30. Interim chief executive Kevin McGurn said the company remains on track to close the merger by year-end.