Trump Media reports a $409.7 million quarterly profit, driven mostly by gains on its crypto and stock holdings

Trump Media & Technology Group (DJT), the owner of Truth Social, reported net income of $409.7 million for the third quarter of 2026, mostly from gains on its holdings rather than from its operations, according to its results release of November 9. The company said the bulk of the profit reflected $496.1 million of net realized and unrealized gains on digital assets, pledged digital assets and equity securities.

What drove Trump Media's Q3 2026 profit

Trump Media said the gains on its holdings were partly offset by $54.0 million of realized and unrealized losses on derivatives, $11.9 million of accreted interest expense, $9.4 million of stock-based compensation and $4.0 million of investment expenses. Adjusted EBITDA, a measure not defined by US accounting standards, was a loss of $12.3 million.

Revenue of $3.0 million was up 205% from $1.0 million a year earlier. The company said growth came mainly from subscriptions, including its Truth API data-licensing product, launched on August 1, and its Truth+ streaming service, plus $0.2 million in management fees from its Truth.Fi exchange-traded funds. Legal fees fell to $2.4 million from $20.3 million.

The Bitcoin options strategy

According to its Form 10-Q, Trump Media sells and buys options on Bitcoin (BTC) that are covered by Bitcoin it posts as collateral, which the counterparty can reuse, and receives the option premiums in Bitcoin. The company says it uses the options to earn yield and add to its Bitcoin, and also to hedge its exposure to Bitcoin's price swings.

On September 30, the Bitcoin pledged for that strategy had a fair value of $951.4 million. Its other digital assets were valued at $406.7 million. They included 4,260.73 Bitcoin, worth $356.1 million, held as collateral for its convertible notes, and Cronos tokens worth $50.3 million. As of September 30, Trump Media had pledged 11,385.20 Bitcoin for the strategy. Its covered positions then were calls on 4,838.4 Bitcoin, with strike prices from $68,000 to $92,000, and puts on 1,500 Bitcoin with strikes from $75,000 to $80,000. It had also bought calls on 600 Bitcoin with strikes from $95,000 to $98,000 and puts on 1,225 Bitcoin with strikes from $71,000 to $73,000. All of these options had maturities in October 2026.

The release says the company plans a "more disciplined institutional management approach" to the digital assets in its treasury, aiming to hold on to its digital assets over the long run while limiting the effect of price swings.

The November 30 note deadline

Trump Media issued $1.0 billion of 0% convertible senior secured notes due May 29, 2028. Under their terms, each holder can require the company to repurchase the notes for cash at full principal on November 30, 2026, the 10-Q says. If holders do so, the company could have to pay up to about $1.0 billion. It says it may take steps before that date, such as a new credit facility to refinance some or all of the notes, and that additional financing may not be available on acceptable terms.

At the end of September, Trump Media reported $182.3 million of cash and cash equivalents and $211.1 million of short-term investments, alongside its crypto and equity holdings, with total assets of $2.48 billion.

What else is coming

Trump Media plans to merge with TAE Technologies, a fusion-energy company. The US Securities and Exchange Commission declared the merger registration statement effective on November 5, and shareholders are scheduled to vote at a special meeting on December 14, the company said.

What it could mean for traders

In our assessment, the quarter's profit reflects the value of Trump Media's holdings more than its business, which earned $3.0 million in revenue. The November 30 repurchase date is the next fixed point for the shares and for how the company funds itself. Treasury companies are reporting very different results this season: Bitmine reported a $6.3 billion annual net loss on falling ether, and MARA said it had sold 13,597 Bitcoin and repaid its Bitcoin-backed loans.