The Truth Social platform’s owner, Trump Media and Technology Group (TMTG), is in deep financial distress. According to the company’s securities filing on Friday, it experienced a net loss of $54.8 million during the third quarter of 2022. Losses are occurring despite the company’s ongoing transition toward being a cryptocurrency treasury, exposing the company to significant market volatility.
The company’s paltry revenue of just $973,000 was dwarfed by a $48 million drop in the value of its Bitcoin holdings and over $20 million in legal fees. As its stock, DJT, flirts with 52-week lows, the Q3 results paint a picture of a media brand whose core business has become a side hustle to a high-stakes crypto gamble.
A Business or a Bitcoin Trust?
The latest identity of TMTG is one of the more apparent ways of looking at TMTG’s performance financially. In July 2025, the company made an abrupt strategic shift, purchasing an enormous $2 billion Bitcoin and related securities position. This occurred at an estimated price of $118,000 for Bitcoin, and the rest of the company’s aspirations of social media and streaming were put on the back burner.
This Q3 document marks the first clear evidence of the consequences of this bet. The downturn in the crypto market in the last quarter had a crushing impact upon the company. The paper loss on Bitcoin alone accounted for $48 million of the overall $54.8 million net loss on the company’s financials–effectively tying the company’s future to the inheritance of the digital asset space.
The Silver Lining (and its Tarnish)
The company’s crypto-first strategy wasn’t entirely negative. The filing revealed that the $48 million Bitcoin loss was partially offset by $33 million in gains from Cronos (CRO), another cryptocurrency in its treasury. This gain, along with $15.3 million in income from Bitcoin options trading, helped soften the blow.
However, this “win” only reinforces the company’s new reliance on speculative trading. Worse, this silver lining may already be gone. According to the company’s own filing, the prices of both Bitcoin and Cronos have fallen significantly since the third quarter ended on September 30, strongly suggesting TMTG is on track for another substantial loss in the fourth quarter.
Revenue Trickles as Legal Bills Surge
While the crypto treasury dominated the balance sheet, the company’s actual media operations remain almost non-existent. TMTG generated just $972,900 in revenue for the quarter. While this was a 10% increase from Q2, it’s an abysmal figure for a publicly traded company.
By contrast, the company racked up $20.3 million in legal fees alone. These expenses are largely the fallout from its 2024 merger with the special purpose acquisition company (SPAC) Digital World Acquisition, a transaction TMTG itself admitted was “one of the longest SPAC deals in history.”
Leadership’s Confident Stance
Despite the massive losses, TMTG’s leadership projected confidence. CEO Devin Nunes, who was awarded $5.9 million in stock in August after a $20 million second-quarter loss, called Q3 “crucial.”
In a statement, Nunes celebrated the company’s “robust, uncancellable infrastructure” and its “massive bitcoin treasury.” This glaring disconnect—celebrating a treasury that just lost $48 million—highlights the company’s commitment to its new identity, regardless of the quarterly results.
A Bleak Outlook for Investors
Investors are not sharing Nunes’s optimism. The company’s stock (NASDAQ: DJT) has been in a freefall, hitting a 52-week low of $12.70 on Friday before closing at $13.10.
With Bitcoin trading around $103,000—far below TMTG’s $118,000 entry price—and its media business failing to generate meaningful revenue, the path forward looks bleak. This reality may explain a recent post from Donald Trump, the company’s largest shareholder, who suggested on Truth Social that the SEC should do away with quarterly reporting altogether—a convenient proposal for a company that just lost $55 million.
