Trump Media and Technology Group, the parent company of Truth Social and owned by President Donald Trump, has reported a major financial loss for the third quarter of 2025. A filing with the Securities and Exchange Commission (SEC) shows the company lost $54.8 million while bringing in just $972,900 in revenue.
This means Trump Media spent far more than it earned. The company’s revenue was up about 10% from the previous quarter but remains very low compared to similar media and technology companies. For context, that amount is roughly what Taylor Swift makes in about 15 minutes on her Eras Tour.
The company’s stock, trading under the ticker DJT on the Nasdaq, closed at $13.10 on Friday after hitting a 52-week low of $12.70 earlier in the day. The weak stock performance reflects investor concern over the company’s steep losses and uncertain financial direction.
Heavy Crypto Losses and Legal Expenses
A large part of Trump Media’s loss came from its cryptocurrency investments. Between July 1 and July 21, the company reportedly bought about $2 billion worth of bitcoin and bitcoin-related securities, when the price of bitcoin was around $118,000. By the end of September, the price had dropped to about $103,000, leading to an estimated $48 million decline in the value of its holdings.
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The company did record $33 million in gains from another cryptocurrency called Cronos, but those gains were not enough to offset the bitcoin losses. Cryptocurrency prices have continued to fall since the end of the quarter, meaning the company could face even greater losses in the near term if the trend continues.
In addition to its crypto-related decline, Trump Media faced large legal bills totaling $20.3 million in the third quarter. Most of these expenses came from the company’s merger with Digital World Acquisition Corp. (DWAC), a special purpose acquisition company. The merger, completed in 2024, took several years and was described by the company as “one of the longest SPAC deals in history.”
A Company Under Financial Strain
Despite the losses, CEO Devin Nunes described the quarter as “crucial” to the company’s growth and expansion plans. He said Trump Media had built a “robust, uncancellable infrastructure,” expanded into new sectors, formed partnerships, and strengthened its financial position through its bitcoin holdings.
However, the company’s financial report paints a difficult picture. Trump Media earned $4.1 million in total revenue in 2023, and its quarterly revenue in 2025 remains far below that pace. Operational income from its platforms, including Truth Social, remains minimal.
The company’s filings also reveal that President Trump owns approximately 114.75 million shares through his revocable trust, making him the majority shareholder. In August, Trump Media granted Devin Nunes a $5.9 million stock award, set to vest over three years, shortly after the company reported a $20 million loss in the second quarter of 2025.
Cryptocurrency Dependence and Market Risks
Trump Media’s strategy of holding a large amount of cryptocurrency has effectively shifted its focus away from social media and streaming toward speculative financial assets. The company’s financials now depend heavily on the value of bitcoin and Cronos, both of which have fallen sharply since the end of September.
President Trump, who once publicly criticized cryptocurrencies as “based on thin air,” now oversees a company whose financial results are deeply tied to their market swings.
Trump Media’s latest filing highlights the risks of that approach. With crypto markets remaining volatile and operational revenue still small, the company faces continued pressure to manage costs and stabilize its finances.
Even as it promotes its goal of building independent platforms and expanding digital reach, the numbers show that Trump Media’s financial future will remain uncertain as long as it relies heavily on digital currencies rather than consistent business earnings.
