In mid-2025, TMTG deployed roughly $2 billion to build what it called a "Bitcoin Treasury," acquiring approximately 11,500 BTC at an average price somewhere between $115,000 and $118,000 per coin.
Key Takeaways
TMTG posted a $712.3M net loss in 2025, largely tied to unrealized Bitcoin declines
The company spent ~$2B on Bitcoin at peak prices; holdings have since lost roughly 40% in value
Truth Social generated just $3.68M in revenue for the full year – against a $5.3B market cap
TMTG is exploring spinning off Truth Social as it pivots toward crypto and nuclear energy
By early 2026, Bitcoin had slid to the $70,000–$74,000 range. The math isn’t kind. Those unrealized losses now anchor the company’s otherwise headline-grabbing balance sheet, which still shows around $2.5 billion in total liquid assets – more than triple the prior year’s figure, though context matters here.
In February 2026, the company pledged 2,000 BTC as collateral for hedging transactions, trimming its reported holdings from 11,542 to 9,542 BTC.
Truth Social: Big Brand, Thin Revenue
While TMTG has been busy accumulating digital assets, its flagship platform Truth Social has quietly continued to struggle. The platform brought in just $3.68 million in full-year 2025 revenue – a figure that would be unremarkable for a mid-sized local business, let alone a company carrying a $5.3 billion market capitalization. Advertising traction has been minimal at best.
DJT IS DOWN $400M ON BTC
Trump Media (ticker: $DJT) disclosed a purchase of $1.37B of Bitcoin in September 2025. Since then, their investment has drawn down over $400 MILLION.
DJT’s on-chain wallets are down $416M over the past 6 months. Will DJT make it back? https://t.co/V7QHYSalvm pic.twitter.com/xv28qEcmmc
— Arkham (@arkham) March 5, 2026
Against that backdrop, TMTG is now reportedly exploring a spinoff of Truth Social into its own publicly traded entity. The logic, as the company frames it, is to separate the social media business – which continues to bleed money – from its newer ventures in cryptocurrency and nuclear fusion. The latter comes following a $6 billion merger deal with TAE Technologies.
Whether institutional investors buy into that framing remains to be seen.
A Wider Web of Losses
TMTG’s financial turbulence doesn’t exist in isolation. American Bitcoin Corp, a mining venture co-founded by Eric Trump, reported a $59million loss in Q4 2025 alone. Meanwhile, the Official Trump Token (TRUMP), a meme coin that launched with considerable fanfare in early 2025 at an all-time high of $73.43, was trading around $3.23 by early March 2026 – a decline of roughly 95%.
TMTG has attempted to maintain shareholder engagement through a non-transferable digital token airdrop, setting a February 2026 record date for DJT shareholders as part of a broader push to animate its “Truth” platform ecosystem.
Analysts Aren’t Buying the Story
Market observers have been blunt. Analysts have characterized TMTG’s financial disclosures as “awful,” citing a stark disconnect between the company’s market valuation and its revenue fundamentals. The company has, to date, failed to demonstrate any meaningful path toward profitability through its core media operations.
Some speculators, however, are betting on politics over fundamentals. The 2026 Midterm elections are being floated in certain circles as a potential “cyclical bottom” that could breathe new life into Trump-branded assets. President Trump, for his part, continues to use Truth Social as a platform to push his “Crypto Agenda,” recently taking aim at banks he accused of obstructing cryptocurrency legislation.
For now, the numbers tell a more sobering story. A company sitting on a multi-billion dollar crypto position purchased near all-time highs, a social media platform generating revenue in the single millions, and annual losses in the hundreds of millions – the gap between narrative and financial reality at TMTG remains wide.
