Trump Media adds 1,510 Bitcoin in Q3 as treasury reaches $1.17B

Trump Media & Technology Group has increased its Bitcoin holdings by a net 1,510 BTC during the third quarter, bringing its total to approximately 15,649 coins as cryptocurrency prices fall below their September levels.

Summary

• Trump Media's Bitcoin holdings reached 15,649 BTC after a net increase of 1,510 coins in Q3.
• CFO Phillip Juhan reported purchasing 4,359 BTC during the quarter, partly funded through Bitcoin ETF sales.
• Trump Media pledged approximately 11,385 BTC to an options-based yield program involving institutional counterparties.
• The company's third-quarter net income reached $409.7 million, largely supported by digital asset valuation gains.
• Trump Media retained seven million IBIT shares while pursuing its proposed merger with TAE Technologies.

According to the company's November 9 SEC filing, the holdings were valued at approximately $1.31 billion on September 30. At a Bitcoin price of $74,450 on November 10, the same holdings would be worth roughly $1.17 billion, excluding the company's separate investment in BlackRock's iShares Bitcoin Trust.

Trump Media buys 4,359 Bitcoin during third quarter

During Monday's earnings call, Chief Financial Officer Phillip Juhan said Trump Media acquired 4,359 BTC in the third quarter using proceeds from a partial sale of its Bitcoin ETF holdings.

The purchases formed part of a restructuring of the company's cryptocurrency treasury that began in July. Its total Bitcoin holdings increased by 1,510 BTC on a net basis after other portfolio transactions.

By September 30, Trump Media held approximately 15,649 BTC and seven million shares of BlackRock's iShares Bitcoin Trust, known as IBIT.

The company previously reported holding 14,139 Bitcoin at the end of July, following additional cryptocurrency purchases.

According to the latest filing, Trump Media acquired 6,359.15 BTC during the first nine months of 2026 at prices ranging from approximately $59,900 to $65,400.

Those purchases reduced the company's overall acquisition costs, although the filing does not establish a single weighted-average purchase price for all its Bitcoin.

Market estimates circulating on social media have placed that figure near $105,000 per coin. Applying that estimate to the full position would imply an unrealized loss of approximately $478 million at $74,450 per Bitcoin.

The calculation depends on an unverified purchase price and does not represent a loss disclosed in Trump Media's financial statements.

Trump Media's Bitcoin holdings fall in value

At September's closing price of approximately $83,500 per Bitcoin, Trump Media's reported holdings were worth nearly $1.31 billion.

Using the November 10 reference price of $74,450 reduces their estimated market value to approximately $1.165 billion, or around $142 million below their September valuation.

The company's September filing separately identified 4,263.94 BTC recorded as digital assets, with a combined cost basis of $321.3 million and a fair value of $356.3 million.

Another 11,385.20 BTC supported its Bitcoin options strategy and received separate accounting treatment.

Trump Media reported $409.7 million in third-quarter net income, reversing a $54.8 million loss from the corresponding period last year.

In its earnings announcement, the company attributed most of its quarterly profit to $496.1 million in net realized and unrealized gains involving digital assets, pledged assets and equity securities.

Those gains were partially offset by $54 million in derivatives losses and other expenses. Adjusted EBITDA remained negative at $12.3 million.

Meanwhile, quarterly revenue reached $3 million, up 205% from approximately $1 million a year earlier.

Bitcoin yield program holds 11,385 BTC

Trump Media disclosed that 11,385.20 BTC were pledged under its Bitcoin Yield Management Program at the end of September.

The company uses covered options contracts and other arrangements with institutional counterparties to earn income from portions of its cryptocurrency treasury.

Under the options strategy, counterparties may reuse pledged Bitcoin as collateral. The company's filing describes this practice as rehypothecation.

The arrangements expose Trump Media to counterparty credit risk, including the possibility that pledged assets cannot be recovered if a counterparty defaults.

At September 30, the company held covered-call options referencing 4,838.40 BTC and covered-put options referencing 1,500 BTC.

The contracts had October expiration dates, with different strike prices depending on the type of option.

The SEC filing does not identify the individual counterparties responsible for managing those arrangements.

Separately, Trump Media's disclosure identified approximately 4,260.73 BTC securing its convertible notes. The company faces a November 30 date when eligible noteholders can demand repayment in cash.

A recent 4,259 BTC transfer to Crypto.com involved wallets associated with that debt collateral. The transfer did not establish that the Bitcoin had been sold.

Trump Media expands revenue ahead of TAE merger

Beyond its cryptocurrency investments, Trump Media attributed part of its revenue growth to Truth API, a subscription service launched in August.

The company recorded $1.8 million in subscription revenue growth from Truth API and Truth+, alongside $200,000 in management fees from its Truth.Fi investment products.

According to Reuters reporting, Susquehanna International Group and Jump Trading agreed to purchase faster access to Truth Social posts through the API service.

Trump Media has separately pursued a merger with fusion energy company TAE Technologies, following the termination of its proposed CRO treasury venture in August.

The company announced that the SEC declared its merger registration statement effective on November 5.

Shareholders of record as of November 2 are eligible to vote at a December 14 meeting, with completion of the merger subject to the required approvals and closing conditions.

Trump Media shares closed November 9 at $4.06, up 1.75%, according to Google Finance.

Trump Media shares price chart, source: Google Finance