Trump Media & Technology Group closed the third quarter of 2026 with a net profit of 409.7 million dollars, according to filings submitted to the U.S. Securities and Exchange Commission (SEC). This result marks a turnaround from the previous quarter, when the company reported losses of 238 million dollars, although the figure does not reflect a significant increase in commercial revenue from its Truth Social platform.
The parent company of the social network Truth Social generated only 2.97 million dollars in revenue between July and September 2026. The period's profitability was almost entirely supported by the accounting revaluation of its cryptocurrency treasury and associated securities portfolios, which contributed hundreds of millions of dollars in unrealized gains to the balance sheet.
The accounting impact of crypto asset gains
Trump Media recorded 496.1 million dollars in gross gains, both realized and unrealized, generated by digital assets, pledged cryptocurrencies, and equity holdings. Digital assets and funds held as collateral accounted for 378.1 million dollars of that positive result, while equity investments added another 118 million dollars to the quarterly accounts.
A large portion of this balance corresponds to unrealized accounting gains, meaning the assets increased in value on the books without being liquidated for cash. These extraordinary items were partially offset by losses on derivative instruments and other operating expenses not detailed in the report.
The firm's CFO, Phillip Juhan, noted during the earnings call that the price of bitcoin provided the primary boost to these figures. According to management, the cryptocurrency rose nearly 42% throughout the third quarter, moving from a level near 59,000 dollars at the end of June 2026 to 84,000 dollars recorded at the end of September 2026.
Reserve structure and coin deposits
The company declared a position of 15,649 bitcoin at the end of September 2026. Of that amount, approximately 11,385 coins remained pledged in a specific program focused on earning additional yields on immobilized capital.
The report submitted to the regulator specifies that some of these assets are subject to contractual clauses that authorize the counterparty to reuse the coins in their own financial circuits. This condition links the custody of corporate reserves to the operational risk and intermediation of third parties outside the firm.
Trump Media began its corporate treasury strategy in crypto assets in July 2025, when it allocated nearly 2 billion dollars to acquire bitcoin and related stock instruments. That financial policy tied the group's results to digital market fluctuations, generating heavy accounting losses in bearish periods and immediate recoveries during bullish cycles.
Operating business versus stock market punishment
The media division showed high percentage growth on a small starting base. The 2.97 million dollars in revenue represented a 205% increase compared to the 973,000 dollars recorded in the same period of 2025, driven by subscription fees for the Truth+ streaming service and the commercialization of Truth API, a tool for rapid access to platform posts.
The firm also reported increases in advertising revenue and commissions from its Truth.Fi investment vehicles. However, the operating business remained in the red, with a negative adjusted EBITDA of 12.3 million dollars compared to the 29.1 million lost in the third quarter of the previous year.
Despite reporting net profits for the period, Trump Media shares were trading near 4.20 dollars on November 10, 2026. This figure is 94.7% below its all-time high of 79.38 dollars reached in March 2024, with a cumulative decline of nearly 70% throughout 2026 and aggregate net losses of 234.2 million dollars in the first nine months of the year.
Debt commitments and the merger with TAE Technologies
The corporate balance sheet faces immediate financial maturities before the end of the current fiscal year. Creditors holding 1 billion dollars in the company's convertible notes have the contractual right to demand full repayment of their investment in cash on November 30, 2026.
In parallel, Trump Media is moving forward with a 6 billion dollar business integration project with the nuclear fusion energy company TAE Technologies. The company's shareholder base is called to vote on the final approval of this transaction on December 14, 2026.
The stability of Trump Media's treasury will depend in the short term on the decision made by convertible bondholders on November 30, 2026, and the outcome of the corporate vote on the merger with TAE Technologies on December 14, 2026.
