Trump Media and Technology Group, which operates Truth Social and manages a cryptocurrency treasury, has reported significant financial struggles in its third quarter of 2025. The company disclosed a net loss of $54.8 million alongside revenue of just $973,000 in a recent filing with the Securities and Exchange Commission.
A notable aspect of this financial report is the sharp decline in the company’s bitcoin holdings, which fell by $48 million. The downturn in bitcoin values was somewhat mitigated by a $33 million gain from Cronos, another cryptocurrency in their portfolio. Despite these losses, Trump Media incurred substantial legal expenses totaling $20.3 million during the same quarter. These costs stemmed primarily from the ongoing complexities related to its merger with Digital World Acquisition Corp., a special purpose acquisition company (SPAC). The merger has stretched over an extended timeframe, earning it the designation of “one of the longest SPAC deals in history.”
Revenues for the quarter saw a slight increase of 10% compared to the previous quarter, totaling $972,900. However, this figure is still modest when compared to the significant earnings generated by high-profile events—such as the revenue Taylor Swift accrued in merely 15 minutes during her Eras Tour. Moreover, the reported revenues remain below projections set for 2023, when the company recorded $4.1 million in annual earnings.
On Friday morning, Trump Media’s stock traded at a 52-week low of $12.81, reflecting investor concerns amid ongoing financial volatility. CEO and President Devin Nunes emphasized the importance of the quarter for the company’s growth strategy. He stated that they have established a robust and uncancellable infrastructure, explored new sectors, developed significant partnerships, and secured financial stability through a substantial bitcoin treasury.
Looking ahead, the company faces a bleak outlook as the value of bitcoin has continued to decline since the end of the third quarter on September 30. Similarly, returns from Cronos have also dipped significantly. Without a recovery in the values of these cryptocurrencies, Trump Media may be bracing for another considerable loss in the upcoming fourth quarter.
