Trump Media & Technology Group reported a $238.1 million net loss for the second quarter on Monday and told shareholders it is implementing a more disciplined framework for managing its digital asset treasury, days after abandoning a plan to build a publicly traded Cronos treasury company.
Most of the loss was paper. The company attributed $190.4 million of it to unrealized losses on digital assets, pledged digital assets and equity securities, alongside $11.7 million of accreted interest and $8.1 million of stock compensation. Adjusted EBITDA came in at negative $223.5 million. Revenue was $1.7 million, up 89% from $0.9 million a year earlier. Cash used in operations totaled $13.7 million, including $25.6 million of legal expenses tied mostly to legacy litigation the company says it has now substantially resolved.
Trump Media held 9,477.16 BTC worth $557.1 million on June 30, down from 9,542.16 coins at the end of March, and its 756.1 million cronos tokens were marked at $40.6 million, against $68 million at the end of 2025. Losses on digital assets ran to $360.6 million in the first half. A large share of the bitcoin is also encumbered: 4,260.73 BTC pledged against convertible notes and another 2,077.34 BTC committed to a bitcoin options strategy.
On Friday, Trump Media, Crypto.com and Yorkville Acquisition mutually terminated their planned combination to create Trump Media Group CRO Strategy, the vehicle announced last August with a $5 billion equity line and a target treasury of at least $6.42 billion, citing market conditions and shifting priorities. A separate arrangement for Crypto.com to service planned Yorkville America ETFs was scrapped alongside it.
Interim CEO Kevin McGurn, who replaced Devin Nunes in April, is pointing the company at a different bet: an all-stock merger with fusion developer TAE Technologies that TMTG now expects to close in the fourth quarter. It also launched Truth API, a paid feed of public posts from certain Truth Social accounts, on Aug. 1, and says more than ten customers have signed. Total assets stood at $2.0 billion at quarter end, with about $1.9 billion in cash, securities and digital assets. The Donald J. Trump Revocable Trust, controlled by Donald Trump Jr., owns a majority of the company.
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