TLDR

• Trump Media posted a $54.8M net loss in Q3, marking its third straight quarterly loss.
• Legal fees from its long-running SPAC merger totaled $20.3M.
• Non-cash losses added another $54.1M, tied to digital asset valuation changes and stock-based expenses.
• Despite losses, Trump Media generated $15.3M in bitcoin-related premium income.
• The company now holds 15,000 BTC and 684M CRO, deepening ties to Crypto.com.
• CEO Devin Nunes says the firm is "well-poised" for acquisitions backed by a large crypto treasury.
• DJT shares continue sliding, down more than 62% year-to-date.

Trump Media & Technology Group (TMTG), trading under the ticker DJT, reported another steep quarterly loss on Friday, marking the company's third consecutive period in the red. Its Q3 filing with the U.S. Securities and Exchange Commission showed a $54.8 million net loss, as the media and tech conglomerate continues to absorb the financial weight of its long-running SPAC battles and volatile crypto exposure.

The full filing is available via the SEC

TMTG attributed $20.3 million of the quarter's losses to legal costs stemming from its 2024 SPAC merger - the process it described as "one of the longest SPAC deals in history." The company said these prolonged proceedings resulted in "substantial legal costs," a theme that has persisted across multiple quarterly reports.

The financial drag is reflected directly in the stock price. DJT shares slid over 3% following the report, dropping to $12.90, and continuing a broader decline that now totals nearly 25% over the past month and more than 62% year-to-date, according to Google Finance. For a company still in the early stages of developing its media ecosystem, the combination of high legal fees, volatile assets, and a falling share price creates a complicated picture - though leadership continues to frame its crypto activity as a strategic advantage.

Large Non-Cash Losses Drive the Quarter's Decline

Beyond the legal fees, Trump Media booked $54.1 million in non-cash losses, reflecting valuation changes across multiple digital-asset categories and accounting items. According to the filing, this bucket includes:

• Changes in the fair value of digital assets
• Non-cash interest expenses
• Non-cash stock-based compensation
• Unrealized losses on trading securities and unexpired option contracts
• Depreciation and amortization
• Other non-cash adjustments tied to digital asset instruments

While these accounting charges don't represent capital leaving the company, they reveal the sensitivity of Trump Media's balance sheet to crypto market swings, especially as the firm increases its exposure to bitcoin and CRO.

The company now carries a $3.1 billion asset base, unchanged from last quarter. Those assets include cash, securities, short-term investments, and one of the largest corporate bitcoin treasuries in the United States: 15,000 BTC, worth roughly $1.5 billion at the time of reporting.

Bitcoin Income Becomes a Bright Spot

Despite operating losses, Trump Media emphasized one revenue stream that continues to grow: income tied to its bitcoin strategy. During the quarter, the company generated $15.3 million in bitcoin-related option premiums. These derivative premiums reflect a strategy of monetizing the firm's sizable BTC holdings, which were accumulated beginning in May.

CEO Devin Nunes referenced this performance directly in the company's statement:

Nunes' comments suggest Trump Media sees its crypto treasury not only as an asset base, but as a financial engine capable of supporting acquisitions - likely in digital media, AI infrastructure, or other verticals aligned with Truth Social's ecosystem.

Deepening Ties With Crypto.com and Expansion of CRO Strategy

One of the past quarter's biggest developments is Trump Media's expanded partnership with Crypto.com - a relationship that now spans trading, payments, platform integration, and treasury management.

The company revealed that it purchased more than 684 million CRO, funded through approximately $50 million in cash and $47 million in common stock. That acquisition significantly increases Trump Media's exposure to Crypto.com's ecosystem token, building on the firms' earlier collaboration around Truth Social's planned Truth Predict betting markets.

Several upcoming initiatives deepen this strategic alignment:

• Trump Media is integrating CRO-based rewards into the Truth Social platform.
• It is forming the first publicly traded CRO treasury vehicle: Trump Media Group CRO Strategy, Inc.
• The entity was established through an agreement with Crypto.com and Yorkville Acquisition Corp.

This positions Trump Media as a rare example of a public company embracing not just bitcoin, but also a secondary, ecosystem-specific cryptocurrency at meaningful scale. For a firm seeking to diversify cash flow and expand user engagement, CRO-based incentives, betting infrastructure, and treasury operations may play an increasingly important role.

Wider Context: The Trump Family's Expanding Crypto Footprint

Trump Media's crypto activity does not exist in a vacuum. The Trump family - spanning the president, Eric Trump, Donald Trump Jr., and other members - has increasingly become associated with multiple crypto ventures:

• World Liberty Financial (WLFI): A DeFi and stablecoin project linked to the president's sons.
• American Bitcoin mining initiatives and related infrastructure developments.
• Various token launches, NFT campaigns, and digital-asset fundraising efforts.
• The Financial Times estimated that the family has earned over $1 billion from its collective crypto operations.

This deep involvement has sparked political scrutiny, especially as the family's influence and regulatory environment intersect. Still, for Trump Media, these connections also create a network of investors, developers, and political capital that may support its long-term digital strategy.

Final Thought

Trump Media's third consecutive quarterly loss paints a complicated picture: a company still under pressure from legal bills and volatile asset swings, but one that's also building an unusually large crypto balance sheet for a publicly traded firm. The aggressive expansion into bitcoin and CRO may give Trump Media more financial tools than most early-stage media companies, yet the strategy also exposes it to new risks at a time when its core business still needs to prove long-term traction. 

Whether the coming quarters bring stability or more turbulence will depend on how quickly the company can convert its crypto-heavy treasury into sustainable growth, stronger user engagement, and a clearer path toward profitability-something investors will be watching closely as DJT continues to navigate a market that rewards performance, not just potential.