Trump Media & Technology Group reported a net profit of $409.7 million for the third quarter of 2026, reversing a $54.8 million loss in the same period a year earlier. The results, released in a quarterly filing and earnings announcement, were powered almost entirely by non-cash gains on cryptocurrency holdings, pledged digital assets, and equity securities.

The company attributed $496.1 million in net realized and unrealized gains on those assets to the swing into profitability. Those gains were partially offset by $54 million in derivative losses and other expenses. Adjusted EBITDA remained negative at $12.3 million, underscoring the gap between investment-driven net income and core operations.

Revenue Growth Remains Limited

Quarterly revenue reached $3 million, a 205 percent increase from approximately $1 million a year earlier. Subscription revenue from Truth API and Truth+ contributed $1.8 million, while management fees from Truth.Fi investment products added $200,000. The Truth API service, launched in August, provides institutional clients with faster access to posts on the company’s social media platform. Firms including Susquehanna International Group and Jump Trading have subscribed to the service.

Despite the revenue increase, the company’s operating performance continued to lag. Cash used in operations for the first nine months of the year totaled $28.4 million, driven in part by legal expenses related to concluded legacy matters.

Bitcoin Treasury Expands

As of September 30, Trump Media held approximately 15,649 Bitcoin. The position represented a net increase of 1,510 coins during the third quarter. Chief Financial Officer Phillip Juhan stated on an earnings call that the company acquired 4,359 Bitcoin in the period, funded in part through the partial sale of Bitcoin exchange-traded fund holdings.

At September 30 prices near $83,500 per Bitcoin, the holdings were valued at roughly $1.31 billion. Subsequent price declines brought the estimated market value of the same coins to about $1.17 billion by early November. The company also retained seven million shares of BlackRock’s iShares Bitcoin Trust.

Of the total Bitcoin position, approximately 11,385 coins were pledged under a Bitcoin Yield Management Program. The program uses covered options contracts with institutional counterparties to generate income from the treasury. Counterparties may rehypothecate the pledged assets, exposing the company to counterparty credit risk. An additional portion of the Bitcoin secures convertible notes, with a potential repayment demand date of November 30.

Merger Progress with TAE Technologies

Trump Media is advancing a proposed merger with TAE Technologies, a nuclear fusion company. The Securities and Exchange Commission declared the related registration statement effective on November 5. Shareholders of record as of November 2 are scheduled to vote at a December 14 meeting. Completion remains subject to required approvals and closing conditions, with the transaction targeted for the end of 2026.

The company previously terminated a proposed cryptocurrency treasury venture earlier in the year and has shifted focus toward the energy-sector combination while maintaining its digital asset holdings.

Shares of Trump Media closed at $4.06 on November 9, up 1.75 percent on the day. The stock has declined substantially over the course of 2026.

The third-quarter results mark a sharp reversal from earlier periods in which declines in digital asset values contributed to losses. Future quarterly reports will revalue the same holdings at then-prevailing market prices, continuing the pattern of earnings volatility tied to cryptocurrency and equity market movements.