Trump Media Posts $409.7M Q3 Net Income on $378.1M Digital Asset Markup

Trump Media & Technology Group posted $409.7 million in net income for the third quarter ended Sept. 30, shifting from a $54.8 million net loss in the prior-year period largely due to a $378.1 million gain on digital assets and pledged holdings, according to the company's quarterly 10-Q filing ¹. The gain was classified within operating costs, masking a $23.6 million operating loss when stripped of digital asset markups ¹. Revenue grew 205% year-over-year to $3.0 million, supported by subscription fees from the Truth API, the Truth+ streaming service, and $164,000 in management fees from Truth.Fi exchange-traded funds ¹.

Trump Media held 15,649.14 $BTC valued at $1.31 billion at the end of the quarter, including 6,359.15 BTC acquired over the first nine months of 2026 ¹. Note 4 of the filing indicates that the company directly held 4,263.94 BTC and pledged 11,385.20 BTC as collateral for covered options trades, which grant counterparties rehypothecation rights ¹. Management stated the options strategy generates yield and increases its underlying bitcoin balance ¹. Of the directly held coins, 4,260.73 BTC secure $1 billion in convertible notes whose holders can require cash redemption on Nov. 30 ¹. Trump Media also retained 756.1 million $CRO valued at $50.3 million, down from $68.0 million, subject to lock-ups expiring in August 2029 ¹.

Diversification and TAE Merger Vote

Total non-cash gains across digital assets, pledged holdings, and equity securities reached $496.1 million ¹. The company logged $98.3 million in unrealized equity gains and $19.7 million in realized equity gains, offset by a $54.0 million loss on derivatives ¹. Adjusted EBITDA registered a $12.3 million loss, moderating from a $29.1 million loss in the third quarter of 2025 ¹. At the time of writing, $BTC traded at $74,197, while other corporate allocators continue navigating balance sheet swings reminiscent of Strategy's Q3 operating gain via bitcoin markup.

Beyond digital assets, the SEC declared Trump Media's merger registration statement with fusion energy developer TAE Technologies effective on Nov. 5 ¹. TAE drew down an additional $100 million under a convertible note facility from Trump Media in October ¹. Shareholders are scheduled to vote on the transaction at a special meeting on Dec. 14, with closing anticipated in the fourth quarter ¹.