Trump Media (DJT) Stock Sinks 90% From Peak as Crypto Losses Hit $406M in Q1

TLDR

• Trump Media reported a Q1 net loss of $405.9 million on just $871,200 in revenue.
• $244 million in unrealized losses on Bitcoin and $108.2 million in investment losses drove the result.
• The company holds 9,542 BTC with a cost basis of $1.13 billion, but it was worth only $647 million at quarter-end.
• Revenue grew just 6% year-over-year; CEO Devin Nunes stepped down on April 22.
• DJT stock has lost more than 90% of its value since peaking at $97.54 in early 2022.

Trump Media & Technology Group posted a $405.9 million net loss in Q1 2026. That’s up sharply from a $31.7 million loss in the same period last year.

The company pulled in just $871,200 in revenue for the quarter. That’s a 6% increase from Q1 2025, but it barely moves the needle against a near-$406 million hole.

DJT stock was last trading around $8.93. The stock has shed more than 90% of its value since hitting a peak of $97.54 in early 2022.

Trump Media & Technology Group Corp., DJT

The bulk of the losses came from crypto. Trump Media booked $244 million in unrealized losses on its Bitcoin holdings and an additional $108.2 million in investment losses tied mostly to equity securities.

The company holds 9,542.16 BTC. Those coins were bought at an average cost of roughly $108,519 each — near last summer’s market peak — giving a total cost basis of $1.13 billion.

At March 31, that position was worth just $647 million. The gap between what they paid and what it was worth: nearly $500 million.

Bitcoin has since recovered. The position is now valued at around $770 million with BTC trading above $80,000.

CRO Tokens Add to the Pain

Trump Media also holds 756.1 million Cronos (CRO) tokens. The company paid $113.9 million for them as part of a Crypto.com deal last year. At quarter-end, they were worth $53 million.

The CRO purchase was tied to a partnership linking the token to Truth Social and Truth+ rewards. That deal hasn’t helped the numbers.

Of the company’s Bitcoin holdings, 4,260.73 BTC — worth around $289 million at quarter-end — is pledged as collateral for convertible notes. Another 2,000 BTC is held as collateral tied to covered call options used to hedge price swings.

Despite the losses, operating cash flow was a positive $17.9 million for the quarter. The company benefited from selling options on its pledged Bitcoin.

Total financial assets reached $2.1 billion, three times the level from a year ago.

Revenue Breakdown

Media revenue came in at $810,100. Truth.Fi, the company’s ETF arm, generated $61,100 in management fees. Combined, that’s the $871,200 total.

The company raised $2.5 billion for its Bitcoin treasury strategy last year, then disclosed a $2 billion Bitcoin position in July 2025.

CEO Devin Nunes stepped down on April 22. No permanent replacement has been announced.

American Bitcoin, the mining company co-founded by Eric Trump and backed by Donald Trump Jr., posted an $81.7 million net loss in Q1. It mined a record 817 BTC during the quarter.

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