Trump Media & Technology Group closed the second quarter holding 9,477.16 BTC worth roughly $557.1 million, down from 9,542.16 BTC at the end of March. The modest 65 BTC reduction sits against a much larger backdrop: the Truth Social parent's digital-asset portfolio has now lost $360.6 million in the first half of 2026, a sharp reversal from the roughly $836 million valuation it carried at the end of 2025.
The bitcoin figures came alongside a similarly rough quarter for the company's secondary crypto bet. Trump Media's 756.1 million Cronos (CRO) tokens, a holding size that hasn't changed since it was acquired, are now worth $40.6 million, down from $68 million at the close of 2025 even though the token count stayed flat.
A treasury built on leverage
Of the company's bitcoin stack, 4,260.73 BTC is pledged as collateral against convertible notes and another 2,077.34 BTC backs a bitcoin options strategy, meaning more than two-thirds of the holding is currently encumbered rather than sitting free on the balance sheet. That structure amplifies both the upside and the downside of bitcoin's price swings for a company that has increasingly leaned on crypto as a core balance-sheet asset rather than a side bet.
The pressure on Trump Media's crypto positioning was compounding even before the numbers were released. Trump Media is majority owned by the Donald J. Trump Revocable Trust, controlled by Donald Trump Jr., with President Trump himself holding a significant stake, a structure that has kept the company's financial results under unusually close public scrutiny for a media firm of its size.
The Crypto.com deal falls apart
Three days before the results were published, Trump Media, Crypto.com and Yorkville Acquisition scrapped their proposed combination to create a publicly traded CRO treasury vehicle, with the companies pointing to “prevailing market conditions, and shifting business and stakeholder priorities.” A related plan for Crypto.com to service a Trump Media ETF push was also dropped. Some market observers had already begun describing the company less as a media business and more as a bitcoin treasury with a media brand attached, a framing the collapsed Cronos deal complicates.
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The retreat also lands amid broader financial strain: Trump Media reported a $378.8 million loss in the first quarter of 2026 as technology and legal costs mounted, and shares have traded down roughly 23% year-to-date heading into the Q2 print. Investors had been watching the earnings release for signs of whether the company's crypto-heavy strategy could offset persistent operating losses; the shrinking treasury and abandoned Cronos partnership suggest that turnaround has not yet arrived.
What it signals for corporate treasuries
Trump Media's experience underscores a risk that has become more visible across the wave of public companies that adopted crypto treasury strategies over the past two years: unrealized losses on volatile holdings can swamp operating results, and pledging those coins as loan collateral leaves less room to maneuver when prices fall. With roughly 67% of its bitcoin already tied up as collateral, Trump Media has less flexibility than an unencumbered holder would to simply wait out the drawdown.
