Trump Media and Technology Group, the company behind Truth Social, reported a third-quarter net profit of $409.7 million, reversing a net loss of $54.8 million from the same period last year.
Profit surge driven by digital assets
The company stated that this dramatic swing into profitability came almost entirely from realized and unrealized gains tied to its cryptocurrency assets, pledged digital assets, and stock holdings. These investment gains totaled $496.1 million and significantly outweighed derivative losses of $54 million.
Despite this headline profit, Trump Media generated only $3 million in quarterly revenue, up from $1 million the previous year. The disparity highlights a significant gap between the company’s investment-driven net income and its core operating performance, which showed an adjusted EBITDA loss of $12.3 million.
Trump Media’s financials reveal that the bulk of its third-quarter profit was due to paper gains on assets rather than growth in operating revenue.
Trump Media’s cryptocurrency holdings and Truth API expansion
By the end of the third quarter, Trump Media held nearly 15,650 Bitcoins, according to Chief Financial Officer Phillip Juhan. The company is generating passive income from approximately 11,385 of these Bitcoins. Its previous filings indicated crypto holdings worth around $1.5 billion, largely comprising Bitcoin and $147 million in Cronos.
Subscription revenue tied to the Truth API added $1.8 million to the quarter’s results. The Truth API, launched in August, gives institutional clients real-time access to influential posts, including those from President Trump. Major subscribers, such as Bloomberg, Susquehanna, and Jump Trading, reportedly pay between $60,000 and $100,000 per month for access.
Despite the quarterly profit, Trump Media’s stock has declined almost 70% year-to-date, with a notable 32% drop following the midterm elections. President Donald Trump remains the majority shareholder, with a stake currently valued at $466 million, managed within a trust overseen by his eldest son.
Trump Media, established as a social media platform and media company, has expanded into digital assets and new financial products in recent years.
Mini dictionary: Cronos is a decentralized blockchain network designed to support decentralized finance (DeFi) and Web3 projects, developed by Crypto.com to enable fast, low-cost transactions and interoperability with Ethereum-based applications.
Merger plans with TAE Technologies
The company has been reshaping its portfolio, pursuing a merger with TAE Technologies, a California-based nuclear fusion company. Shareholders are scheduled to vote on the deal on December 14, with closing targeted before the end of 2026. The proposed merger is valued at more than $6 billion.
Interim CEO Kevin McGurn commented, “We fully remain on track to close by the end of the year. When our merger closes, we solidify public market investor access to the future of energy in our country and around the world.”
TAE Technologies focuses on nuclear fusion, a process that combines light atomic nuclei at high temperatures to produce energy. Fusion has attracted attention for its potential to deliver abundant electricity with lower carbon emissions, but the approach still faces significant technical and financial challenges before reaching commercial viability.
Mini dictionary: TAE Technologies is a private company that develops nuclear fusion technology, aiming to produce cleaner and more sustainable energy by replicating the process that powers the sun.
Scrutiny over Trump’s digital asset income
President Trump has faced criticism for his involvement in digital asset ventures. His mandatory financial disclosures indicated over $1.4 billion in crypto-related income for 2025, including $635 million from Celebration Coins, the entity behind the $TRUMP meme coin, and more than $500 million from World Liberty Financial.
In response to concerns about financial conflicts, the White House stressed the separation between Trump and his business interests. Trump stated that broader market gains were benefiting many investors and emphasized maintaining a distinct divide between his personal finances and daily business decisions.
All of Trump’s business holdings, including Trump Media, remain in a trust managed by family members and outside administrators. Nevertheless, critics argue that Trump Media’s expansion into new sectors could open indirect channels for external influence through stock purchases, advertising deals, or commercial relationships.
