SARASOTA, Florida / CryptoWire.AI / – A rally in Bitcoin lifted Trump Media & Technology Group to a $409.7 million profit in the third quarter, even as its core business generated only about $3 million in revenue. The company behind Truth Social reported the results on Monday, November 9. The figure compares with a net loss of $54.8 million in the same period of 2025. Gains on crypto and securities did most of the work.
Net realized and unrealized gains on digital assets, pledged coins and equity securities totaled $496.1 million, according to the earnings release. Digital assets contributed $378.1 million and equity securities around $118 million. The company booked a $54 million loss on derivatives. Analysts noted that much of the gain was an accounting effect, as assets rose in value without being sold for cash. The reported profit therefore says little about the cash the business generated.
Chief Financial Officer Phillip Juhan told analysts that Bitcoin gained about 42% over the quarter, from roughly $59,000 at the end of June to $84,000 at the end of September. Trump Media ended the period with about 15,649 Bitcoin. Some 11,385 coins were pledged to a yield program, and counterparties can reuse part of them. About 4,261 Bitcoin secure the company’s $1 billion of convertible notes. The firm also kept 7 million shares of the iShares Bitcoin Trust.
Results track digital asset prices
The crypto strategy dates back to July 2025, when Trump Media bought about $2 billion in Bitcoin and related securities. Since then, its results have moved closely with digital asset prices. In the second quarter, falling prices led to a $238 million loss. This time the accounting effect worked in the company’s favor. Total assets stood at about $2.5 billion at the end of September, with financial assets of around $2.3 billion.
Truth Social’s operating business grew, though from a low base. Revenue rose 205% from a year earlier, driven by Truth+ streaming subscriptions and Truth API, a real-time data feed launched in August. Advertising and fees from Truth.Fi funds also increased. Adjusted EBITDA, a measure that excludes investment gains and some other items, showed a $12.3 million loss. That compared with a $29.1 million loss in the third quarter of 2025.
Shares still down sharply this year
Investors remain cautious. DJT shares closed at $4.06 on Monday and traded near $4.20 on Tuesday. The stock has fallen almost 70% this year and is down 94.7% from its 2024 level of $79.38. For the first nine months of 2026, the company still reported a net loss of $234.2 million. Like other crypto treasury companies, its value remains closely linked to the price of Bitcoin.
Attention now turns to the planned merger with TAE Technologies, a fusion energy developer, in an all-stock deal valued at more than $6 billion. Shareholders of the two companies would each own about 50% of the combined group on a fully diluted basis. Trump Media stockholders vote on December 14. Holders of the convertible notes can seek cash repayment on November 30. Management has said it prefers to use cash and credit rather than issue new shares.