--- title: "Trump Media Posts $409.7M Q3 Net Income on $378.1M Digital Asset Markup" description: "Operating results lost $23.6M as the company held 15,649 BTC, with most pledged to covered options and note collateral." url: https://basisdesk.news/news/trump-media-q3-net-income-bitcoin-gains published: 2026-11-10T10:26:27.002Z modified: 2026-11-10T10:26:27.002Z section: Institutions & ETFs author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [BTC, CRO] tags: [Trump Media, Bitcoin Treasury, Earnings, SEC, Covered Options] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # Trump Media Posts $409.7M Q3 Net Income on $378.1M Digital Asset Markup Operating results lost $23.6M as the company held 15,649 BTC, with most pledged to covered options and note collateral. ## At a glance - **What happened:** Trump Media recorded $409.7 million in Q3 net income, lifted by a $378.1 million digital asset gain that countered an operating loss of $23.6 million. - **Why it matters:** The company's bottom line is predominantly driven by its 15,649 BTC treasury and yield strategies rather than its core social media business. - **Who is affected:** Trump Media shareholders, convertible noteholders, and options counterparties. - **Takes effect:** 2026-11-30 - **What's next:** Convertible noteholders may exercise a cash redemption option on Nov. 30, followed by a Dec. 14 shareholder vote on the TAE merger. - **Status:** announced - **Primary source:** [Bitcoin Gains Lift Trump Media to a Q3 Profit as Operations Lose $23.6 Million](https://unchainedcrypto.com/bitcoin-gains-lift-trump-media-to-a-q3-profit-as-operations-lose-23-6-million/) — unchainedcrypto.com ## Key points - Trump Media reported $409.7 million in Q3 net income, driven by a $378.1 million gain on digital assets that masked a $23.6 million operating loss. - The firm held 15,649.14 BTC at quarter's end, with 11,385.20 BTC pledged to covered options and 4,260.73 BTC securing convertible notes. - Shareholders will vote Dec. 14 on Trump Media's merger with TAE Technologies after the SEC declared the registration effective Nov. 5. ## Editorial remark - **Context:** Trump Media expanded its corporate treasury strategy into digital assets in 2026, buying 6,359.15 BTC year-to-date while managing legacy token holdings and issuing convertible debt. - **Impact:** TMTG shareholders and noteholders face asymmetric balance-sheet exposure, as 15,649 BTC dwarfs core operational revenue of $3.0 million, with substantial coins pledged to options counterparties. - **Watch:** Noteholders' cash redemption option deadline on Nov. 30, followed by the special shareholder vote on the TAE Technologies merger on Dec. 14. 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](https://basisdesk.news/news/strategy-q3-earnings-bitcoin-markup-cfo-resigns). 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]. ## Sources 1. [Bitcoin Gains Lift Trump Media to a Q3 Profit as Operations Lose $23.6 Million](https://unchainedcrypto.com/bitcoin-gains-lift-trump-media-to-a-q3-profit-as-operations-lose-23-6-million/) — unchainedcrypto.com, 2026-11-10 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai