Trump Media (DJT) Stock Plummets 90% as Crypto Writedowns Trigger $406M Q1 Loss

Key Takeaways

• Trump Media disclosed a catastrophic Q1 net deficit of $405.9 million against minimal revenue of $871,200.
• Cryptocurrency writedowns dominated losses: $244 million unrealized on Bitcoin, plus $108.2 million on other investments.
• The firm’s Bitcoin portfolio consists of 9,542 BTC acquired at approximately $1.13 billion, valued at only $647 million by quarter close.
• Top-line growth remained anemic at 6% annually; former CEO Devin Nunes departed April 22.
• Share price has collapsed over 90% from its $97.54 high in early 2022.

Trump Media & Technology Group disclosed a staggering $405.9 million quarterly deficit for Q1 2026. This represents a dramatic deterioration from the $31.7 million shortfall recorded during the corresponding quarter last year.

Quarterly revenues totaled a mere $871,200. While this figure represents a nominal 6% year-over-year uptick from Q1 2025, it pales in comparison to the company’s substantial financial shortfall.

DJT shares recently changed hands around $8.93. The equity has experienced a catastrophic decline exceeding 90% from its early 2022 zenith of $97.54.

Trump Media & Technology Group Corp., DJT

Cryptocurrency holdings drove the overwhelming majority of financial damage. The company recorded $244 million in unrealized depreciation on its Bitcoin treasury and an additional $108.2 million in losses predominantly from equity investments.

Trump Media’s cryptocurrency portfolio contains 9,542.16 BTC. These digital assets were accumulated at an average acquisition price of approximately $108,519 per coin — coinciding with last summer’s market zenith — establishing a total cost foundation of $1.13 billion.

By March 31, the portfolio’s market value had contracted to merely $647 million. The differential between acquisition cost and current valuation: approaching $500 million.

Bitcoin has experienced a subsequent rebound. The holdings now carry a valuation near $770 million as BTC trades above the $80,000 threshold.

Cronos Token Holdings Compound Losses

The company maintains a position of 756.1 million Cronos (CRO) tokens. Trump Media acquired these digital assets for $113.9 million through a Crypto.com arrangement finalized last year. Quarter-end valuations placed them at $53 million.

The CRO acquisition formed part of a strategic alliance integrating the token into Truth Social and Truth+ incentive programs. This partnership has yet to demonstrate material financial benefits.

Regarding the company’s Bitcoin treasury, 4,260.73 BTC — carrying approximately $289 million in quarter-end valuation — serves as collateral securing convertible debt instruments. An additional 2,000 BTC backs covered call derivatives employed for volatility management.

Notwithstanding the substantial deficits, operational cash generation reached a positive $17.9 million for the period. The company benefited from premium income generated through options strategies on its pledged Bitcoin assets.

Aggregate financial holdings expanded to $2.1 billion, representing a threefold increase from the prior year.

Revenue Composition

Media operations contributed $810,100 in quarterly revenue. Truth.Fi, the organization’s exchange-traded fund division, produced $61,100 in advisory fees. These components comprise the aggregate $871,200 top-line figure.

The enterprise secured $2.5 billion in capital for its Bitcoin treasury initiative last year, subsequently unveiling a $2 billion Bitcoin allocation in July 2025.

Former CEO Devin Nunes resigned his position on April 22. The company has not announced a permanent successor.

American Bitcoin, the mining operation co-launched by Eric Trump with backing from Donald Trump Jr., reported an $81.7 million quarterly deficit in Q1. The operation successfully mined a record 817 BTC throughout the period.