Falling cryptocurrency prices took a heavy toll on Trump Media & Technology Group during the second quarter, saddling the Truth Social parent company with a $238 million net loss—a steep increase from the $20 million it lost a year earlier.
“As part of management's efforts to streamline TMTG's strategic vision and focus resources on growth initiatives, the Company has substantially resolved its legacy legal matters,” Trump Media wrote, adding that it expects legal expenses to fall significantly, freeing up resources for growth.
The report did not disclose how much of that quarterly hit came from Bitcoin alone.
That figure included more than $245 million in unrealized crypto losses and more than $7 million in unrealized losses on pledged assets. Another $56 million came from reacquiring pledged assets, while more than $52 million resulted from derecognizing assets.
Trump Media’s crypto holdings fell more than 33% to $598 million by June 30, including $558 million in Bitcoin and $41 million in Crypto.com’s native token Cronos. Quarterly revenue, however, rose 89% to nearly $2 million, while total assets stood at $2 billion.
The company said it is adopting a “more disciplined” digital asset treasury strategy to manage crypto volatility.
The news comes as Trump Media pulls back from parts of its crypto expansion.
