Trump Media just dropped its Q3 earnings, and despite sitting on $1.3 billion worth of Bitcoin, the company still posted a brutal $54.8 million loss. That’s way worse than the $19.3 million they lost during the same period last year.
The company behind Truth Social reported revenues of just $972,900, down from over $1 million a year ago. DJT shares closed Friday down 1.73% at $13.10, bumping slightly to $13.20 after-hours.
According to the report, Trump Media held 11,542 Bitcoin as of September 30th. They started buying in late July and have already flagged plans to acquire even more Bitcoin plus “other, similar cryptocurrencies.”
Interestingly, the Bitcoin holdings did generate some income. Trump Media made $15.3 million from Bitcoin options investments and posted $33 million in unrealized gains from holding over 746 million Cronos tokens, which were trading around 18 cents at the end of September.
CEO Devin Nunes tried spinning the results positively, saying they’ve “secured our financial future with a massive Bitcoin treasury” and expanded existing platforms. The company also entered an agreement to buy up to $1 billion worth of Cronos through a partnership with Crypto.com.
Despite the crypto holdings, Trump Media’s stock has been getting crushed, losing 61% year-to-date. Financial assets have grown from $274 million at their March IPO to $3.1 billion, but investors clearly aren’t impressed.
Conclusion
Trump Media reported a $54.8 million Q3 loss despite holding $1.3 billion in Bitcoin, with revenues falling to $972,900 as DJT stock declined 61% year-to-date amid rising costs.
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