Trump Media & Technology Group posted a third-quarter profit of $409.7 million, reversing a $238 million loss in the previous quarter, according to the company’s latest SEC filing. The sharp turnaround primarily stemmed from significant gains in the value of its digital assets, particularly Bitcoin, rather than revenue from its media business, Truth Social.

Crypto Investments Drive Profits

During the three months ended September 30, Trump Media generated just $2.97 million in revenue. Most of the third-quarter profit came from $496.1 million in realized and unrealized gains on digital assets, pledged crypto, and equity securities. Of these, digital assets and pledged coins contributed $378.1 million, with securities accounting for the remaining $118 million.

Chief Financial Officer Phillip Juhan attributed much of the profit to Bitcoin’s strong performance, stating that the cryptocurrency climbed about 42% over the quarter, rising from approximately $59,000 at the end of June to $84,000 at the end of September. Trump Media held 15,649 Bitcoin by the close of the quarter, including around 11,385 coins pledged to a program aimed at generating extra returns. The SEC filing noted that some of these coins are subject to agreements that enable counterparties to reuse the assets.

Phillip Juhan explained that Bitcoin’s price increase during the quarter had a substantial impact on the company’s results, as holdings appreciated in value alongside the broader crypto market’s rally.

In July 2025, the company expanded into crypto by purchasing roughly $2 billion in Bitcoin and related securities. This move has left Trump Media’s financial results closely linked to digital asset prices. For comparison, the company recorded a $238 million loss in the prior quarter when weak crypto markets dragged its portfolio lower.

Mini dictionary: Trump Media & Technology Group is a publicly traded media company best known for operating Truth Social, a social media network launched by Donald Trump to promote free speech and alternative political discourse.

Despite the headline profit, Trump Media’s media and technology operations remain modest. Truth Social and related business arms generated $2.97 million in Q3 revenue, an increase of 205% from approximately $973,000 a year ago. The growth was attributed to subscriptions for Truth+ streaming and the paid Truth API, which enables faster access to posts for a fee. Critics have described the service as potentially similar to insider trading practices due to its data access advantages.

Still, net losses for the first nine months of 2026 totaled $234.2 million. The company’s core business continues to operate at a loss, despite gains from crypto holdings.

DJT Stock Performance and Planned Merger

Shares of Trump Media, listed under the ticker DJT, traded near $4.20 on Tuesday, reflecting a 3.3% daily increase but remaining down 94.7% from their March 2024 peak of $79.38. The stock has declined by nearly 70% so far this year, illustrating persistent concerns from the market despite the recent profit spike.

On Thursday, DJT shares surged 35% after the company agreed to a $6 billion all-stock merger with TAE Technologies, a California-based developer of fusion energy. The deal is designed to leverage both companies’ technical expertise and expand their future capabilities. Shareholders are expected to vote on the merger on December 14.

Mini dictionary: TAE Technologies is a private company specializing in fusion energy, pursuing commercial fusion power solutions that could provide sustainable, zero-emission electricity through advanced plasma science and technology.

Before the merger vote, holders of $1 billion in Trump Media’s convertible notes are entitled to request cash repayment on November 30, adding a layer of financial complexity to the months ahead.

The agreement with TAE Technologies marks an effort by Trump Media to diversify beyond digital assets and social media, positioning itself for future growth in the energy sector.

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