The company behind Truth Social, Trump Media and Technology Group, posted a third-quarter profit of $409.7 million. That marks a huge swing from the $54.8 million net loss at the same time last year. According to the company, the profit spike was almost entirely due to paper gains from its crypto, pledged assets, and stock holdings.
The company’s shares edged up 1% in post-market trading. The results also revealed a significant gap between Trump Media’s reported net income and its revenue. The company generated $3 million in third-quarter revenue, up 205% from $1 million a year earlier.
However, its $409.7 million net profit was largely driven by $496.1 million in realized and unrealized gains on digital assets, pledged digital assets and equity securities, which were partly offset by $54 million in derivative losses. It also had an adjusted EBITDA loss of $12.3 million. This difference between investment gains and operating performance is significant.
Trump Media has over 15000 BTC
By the end of the third quarter of last year, Trump Media had yet to turn a profit as a publicly traded company, despite expanding into areas such as exchange-traded funds and prediction market contracts. At the time, the company held approximately $1.5 billion in crypto assets, largely comprising $1.3 billion in Bitcoin and around $147 million in Cronos.
Now, Trump Media’s CFO, Phillip Juhan, shared on Monday that the company held a stash of nearly 15,650 Bitcoins at the end of Q3 and is earning passive income on about 11,385 of those coins.
The company also reported a $1.8 million boost in subscription revenue tied to its Truth API. Truth API first went live in August, giving institutional clients ultra-fast access to market-moving posts from top accounts like President Trump’s. Big-name subscribers include Bloomberg, Susquehanna, and Jump Trading, paying between $60,000 and $100,000 a month, per Reuters.
Despite its recent quarterly gains, Trump Media’s stock has plunged nearly 70% year-to-date. This includes a 32% drop following the midterms, where Democratic victories in both chambers were largely interpreted by investors as a rejection of Trump’s economic and political platform. Nonetheless, President Trump’s majority stake remains worth $466 million on the Bloomberg Billionaires Index. The shares are held in a trust managed by his eldest son.
For some time now, Trump Media has been reshaping itself through financial products and clean energy. The company recently announced that its proposed merger with nuclear fusion pioneer TAE Technologies remains on schedule to close before the end of 2026. Shareholders are expected to vote on the merger December 14.
“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,” interim CEO Kevin McGurn asserted.
The proposed merger, valued at more than $6 billion, represents another major step in Trump Media’s diversification strategy. TAE Technologies specializes in developing nuclear fusion technology, which generates energy by combining light atomic nuclei under extremely high temperatures. Unlike conventional nuclear power plants that rely on nuclear fission, fusion replicates the process that powers the sun.
The technology has been gaining interest because it can provide abundant electricity with less carbon emissions. Trump Media sees in the proposed combination an opportunity to enter the energy sector and gain exposure to growing electricity demand (AI data centers). But commercial fusion power is hard — companies are still trying to make reactors that produce more energy than they consume — so TAE’s ability to overcome technical and financial hurdles will be key to the merger’s long-term success.
President Trump has been under fire for his crypto ventures
Digital assets have become a primary driver of wealth for Donald Trump. His mandatory financial disclosure revealed over $1.4 billion (£1.05 billion) in crypto-related income for 2025. Of that, he received $635 million from Celebration Coins—the group behind his signature $TRUMP meme coin, which has shed most of its value since debuting ahead of his second term. He also pulled in over half a billion dollars from World Liberty Financial.
At the time, the White House pushed back against claims of financial opportunism at the time. For his part, Trump defended the earnings by noting that rising markets were enriching ‘everybody,’ while reiterating that he maintains a strict separation from his personal financial dealings.
All of Trump’s business holdings and assets, including Trump Media, are placed in a trust managed by family members (such as Donald Trump Jr.) and third parties, arguing that he is insulated from day-to-day operations and direct trade decisions. However, critics insist that Trump Media’s efforts to branch into new sectors could provide an indirect channel for foreign states, corporations, or lobbying groups to influence Trump via stock acquisitions, ad buys, or commercial relationships.
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