Trump Media posts $410 million Q3 profit, driven by crypto gains, not revenue
Trump Media turns a $410 million quarterly profit on crypto gains
Trump Media and Technology Group, the company behind Truth Social, reported a net income of $409.7 million for the third quarter. That is a sharp turn from a net loss of $54.8 million a year earlier.
The profit came mostly from non-cash gains on digital assets, pledged digital assets, and equity securities, according to the company's quarterly report and a separate statement. Non-cash gains are paper gains, meaning the value of the company's holdings went up on paper. They are not money the company earned from selling products or services.
Key numbers from the report
- Net income of $409.7 million in Q3, compared with a $54.8 million net loss a year earlier.
- Revenue of $3 million, up 205% year-on-year.
- About $1.8 million of that revenue came from subscription growth for its Truth API product.
- Roughly 15,649 bitcoin held at the end of September.
- About 11,385 of those bitcoin were pledged to the company's "Bitcoin Yield Management Program" to earn yield on the holdings, CFO Phillip Juhan said in an earnings call.
What the company's filings and executives said
The quarterly report was filed with the SEC, the U.S. securities regulator. The company said in a separate statement that a bulk of the profits came from non-cash realized and unrealized gains on digital assets, pledged digital assets, and equity securities.
Revenue grew mainly because of subscriptions to Truth API, a paid real-time data feed the company launched in August. The feed gives institutional clients faster access to posts from top Truth Social accounts, including President Donald Trump's. According to Reuters, Bloomberg, Susquehanna International Group, and Jump Trading have signed up as customers.
TAE Technologies merger still on track for year-end
Trump Media also said its proposed merger with fusion power company TAE Technologies remains on track to close in the fourth quarter. The deal was announced in December 2025 as an all-stock merger valued at more than $6 billion, with each company's shareholders set to own roughly 50% of the combined entity.
The company said the SEC declared the related Form S-4 effective on Nov. 5, clearing the way for a shareholder vote scheduled for Dec. 14. The closing is still subject to regulatory conditions and shareholder approval.
"We fully remain on track to close by the end of the year," Interim CEO Kevin McGurn said on Monday's earnings call. "When our merger closes, we solidify public market investor access to the future of energy in our country and around the world."
What is confirmed
- The net income, net loss comparison, revenue figures, and bitcoin holdings come from the company's quarterly report and official statements.
- The bitcoin yield program details come from CFO Phillip Juhan on the earnings call.
- The TAE merger timeline, the Form S-4 effectiveness date, and the Dec. 14 shareholder vote come from company statements.
- Trump Media's shares (DJT) closed up 1.75% at $4.06 on Monday and gained another 1.5% in after-hours trading.
Why the profit figure needs context
The company's operating revenue was only $3 million in the quarter, while the $409.7 million profit came largely from non-cash gains on crypto and securities. This means the reported profit reflects changes in the value of the company's holdings rather than cash earned from its main business. Readers should note this distinction when comparing the profit figure to the company's revenue.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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