Trump Media posts $409.7M Q3 profit on digital asset gains

Trump Media & Technology Group (DJT), the owner of Truth Social, reported third-quarter 2026 results on November 9, with net income of $409.7 million. Nearly all of it came from revaluation rather than operations: net realized and unrealized gains on digital assets, pledged digital assets and equity securities totaled $496.1 million.

Details

According to the company's press release filed with the SEC, quarterly revenue was $3.0 million, up 205% from $1.0 million a year earlier. Growth came from media subscriptions, mainly Truth API, the company's first data-licensing product launched on August 1, 2026, and Truth+, plus $0.2 million in management fees from Truth.Fi ETFs.

The gains were partly offset by a $54.0 million loss on derivatives, $11.9 million of accreted interest, $9.4 million of stock-based compensation and $4.0 million of investment expenses. Adjusted EBITDA was still negative at −$12.3 million, compared with −$29.1 million a year ago. Legal fees fell to $2.4 million from $20.3 million after legacy disputes were resolved. Over nine months, operations used $28.4 million in cash.

Total assets ended the quarter at $2.5 billion, of which about $2.3 billion were "financial assets" (cash, securities, digital assets and other items). The company also said it plans a "more disciplined institutional management approach" to its crypto treasury. The merger with TAE Technologies is targeted to close in Q4, with a shareholder meeting set for December 14.

What it means for the market

The report shows how heavily results at companies holding bitcoin depend on the asset's price: this quarter's profit is almost entirely on paper and unrelated to selling coins. If the market turns, the same revaluation becomes a loss. We previously covered the 4,259 BTC transfer to Crypto.com ahead of the convertible-note deadline.

For the current bitcoin price, see the daily brief. Not investment advice.