Trump Media & Technology Group increased its Bitcoin holdings during the third quarter, adding a net 1,510 BTC and bringing its total position to approximately 15,649 Bitcoin.
The company’s holdings were valued at about $1.31 billion at the end of September. With Bitcoin trading near $74,450 on November 10, the same position would be worth roughly $1.17 billion, excluding Trump Media’s separate investment in BlackRock’s iShares Bitcoin Trust.
The company has also been using part of its Bitcoin treasury in debt repayment and an options-based yield strategy as it expands its broader digital asset operations.
Trump Media bought 4,359 Bitcoin during Q3
Chief Financial Officer Phillip Juhan said Trump Media purchased 4,359 BTC during the third quarter.
The purchases were partly funded by selling a portion of the company’s Bitcoin ETF holdings.
Despite acquiring more than 4,000 BTC during the quarter, the company’s Bitcoin position increased by only 1,510 BTC on a net basis because of other treasury transactions.
By September 30, Trump Media held approximately 15,649 BTC.
It also continued to hold seven million shares of BlackRock’s iShares Bitcoin Trust, commonly known as IBIT.
Trump Media has increased its Bitcoin exposure throughout 2026
The company had previously reported holding around 14,139 Bitcoin at the end of July.
Its latest filings show that Trump Media acquired approximately 6,359 BTC during the first nine months of 2026.
Those purchases were made at prices ranging from roughly $59,900 to $65,400, according to the company’s filing.
However, the filing does not provide a single weighted-average purchase price covering the company’s entire Bitcoin position.
That makes outside estimates of Trump Media’s overall cost basis difficult to verify.
Social media estimates suggest a higher cost basis
Some market estimates circulating online have placed Trump Media’s average Bitcoin acquisition price near $105,000 per coin.
If that estimate were accurate, the company would be sitting on a substantial unrealized loss with Bitcoin trading near $74,450.
Applying that estimate to Trump Media’s full Bitcoin position would imply an unrealized loss of roughly $478 million.
However, that figure is based on an unverified cost estimate.
It should not be treated as a loss officially reported by Trump Media.
Bitcoin holdings have fallen in market value
At the end of September, Bitcoin was trading near $83,500.
At that price, Trump Media’s 15,649 BTC position was worth approximately $1.31 billion.
Using a November 10 Bitcoin price of around $74,450 reduces the estimated value of those holdings to roughly $1.165 billion.
That represents a decline of approximately $142 million from the September valuation.
The change reflects Bitcoin’s lower market price rather than necessarily indicating that the company sold the assets.
Trump Media separates parts of its Bitcoin holdings for accounting
The company’s filing divides its Bitcoin position into different categories.
Approximately 4,263.94 BTC were recorded as digital assets.
Those holdings had a reported cost basis of around $321.3 million and a fair value of approximately $356.3 million at the end of September.
Another 11,385.20 BTC were tied to Trump Media’s Bitcoin Yield Management Program.
Those assets receive different accounting treatment because they are pledged as part of options-based strategies.
Trump Media reports $409.7 million in quarterly profit
Trump Media reported net income of approximately $409.7 million for the third quarter.
That represented a significant reversal from a $54.8 million loss during the same period a year earlier.
The company attributed much of the improvement to gains involving digital assets, pledged assets and equity securities.
Trump Media reported approximately $496.1 million in net realized and unrealized gains from those holdings.
Digital asset gains drove most of the profit
The company’s quarterly earnings were heavily influenced by changes in the value of its financial assets.
Those gains were partially offset by approximately $54 million in derivatives losses and other expenses.
Despite the reported net profit, adjusted EBITDA remained negative at around $12.3 million.
That distinction is important.
The company generated a large accounting profit, but its underlying operating results remained negative on an adjusted EBITDA basis.
Revenue increased to $3 million
Trump Media reported quarterly revenue of approximately $3 million.
That was up around 205% from roughly $1 million in the same quarter last year.
The increase came partly from subscription services and investment-related activities.
Although the percentage growth was significant, revenue remains small compared with the value of the company’s Bitcoin and financial asset holdings.
More than 11,000 BTC support Trump Media’s yield strategy
At the end of September, Trump Media had pledged 11,385.20 BTC under its Bitcoin Yield Management Program.
The strategy uses covered options and other arrangements with institutional counterparties to generate income from parts of the company’s cryptocurrency treasury.
Covered options allow an investor to collect premiums while taking on certain obligations related to the underlying asset.
Trump Media is using Bitcoin as part of those strategies rather than simply holding all of its BTC passively.
Counterparties can reuse pledged Bitcoin
Trump Media’s filing says institutional counterparties may reuse pledged Bitcoin as collateral.
This practice is known as rehypothecation.
Rehypothecation can improve capital efficiency, but it introduces additional counterparty risk.
If a counterparty experiences financial difficulties or defaults, recovering pledged assets may become more complicated.
That means the company’s yield strategy carries risks beyond normal Bitcoin price volatility.
Trump Media disclosed covered-call positions
At the end of September, the company held covered-call options referencing approximately 4,838.40 BTC.
Covered calls generally involve selling call options against an existing asset position.
The strategy generates option premium income but can limit upside if the price of Bitcoin rises above the option strike price.
Trump Media also reported covered-put options referencing around 1,500 BTC.
The contracts had October expiration dates with different strike prices.
Counterparties were not identified
Trump Media’s SEC filing did not identify the institutional firms managing or participating in the options arrangements.
That means investors do not have complete public information about which counterparties hold exposure to the pledged assets.
The filing does, however, acknowledge the credit risks involved.
If a counterparty cannot return pledged Bitcoin, Trump Media could face losses even if the underlying BTC remains valuable.
More than 4,260 BTC also secure convertible notes
Trump Media separately disclosed approximately 4,260.73 BTC used as collateral for convertible notes.
The company faces an important date on November 30.
Eligible noteholders may have the right to demand repayment in cash at that time.
This creates another potential liquidity requirement for the company.
Crypto.com transfer did not prove Bitcoin was sold
A recent transfer involving approximately 4,259 BTC attracted attention after the coins moved to Crypto.com-linked wallets.
The amount closely matched the Bitcoin collateral associated with Trump Media’s debt.
However, the transfer alone did not establish that the company had sold the Bitcoin.
Moving BTC to another wallet or custodian does not necessarily mean the asset has been liquidated.
The purpose of the transfer must be determined from subsequent transactions or company disclosures.
Trump Media used Bitcoin sales to restructure its treasury
The company has been actively adjusting the composition of its crypto holdings.
Rather than simply accumulating Bitcoin indefinitely, Trump Media has used sales, ETF exposure and derivatives strategies to manage its balance sheet.
This approach gives the company several ways to gain Bitcoin exposure.
It can:
- Hold BTC directly
- Hold Bitcoin ETF shares
- Pledge Bitcoin as collateral
- Use BTC in options strategies
- Sell Bitcoin to meet financing needs
The result is a more complex treasury structure than a straightforward buy-and-hold strategy.
IBIT remains part of the company’s strategy
Trump Media continued to hold seven million shares of BlackRock’s IBIT at the end of September.
That gives the company additional Bitcoin exposure through a regulated ETF structure.
Holding both direct Bitcoin and IBIT shares allows Trump Media to use different types of financial infrastructure depending on its needs.
Direct Bitcoin can be pledged or transferred onchain.
ETF shares can potentially be managed through conventional securities accounts.
Truth API contributed to revenue growth
Outside its cryptocurrency portfolio, Trump Media also reported growing revenue from Truth API.
The subscription service launched in August and provides faster access to Truth Social content.
The company said Truth API and Truth+ contributed approximately $1.8 million in subscription revenue growth.
Trump Media also reported around $200,000 in management fees from its Truth.Fi investment products.
Trading firms reportedly bought faster Truth Social access
Reuters reported that Susquehanna International Group and Jump Trading agreed to pay for faster access to Truth Social posts through the API service.
For trading firms, receiving public information more quickly can be valuable when social media posts may affect financial markets.
The service provides Trump Media with a new source of subscription revenue beyond its traditional social media operations.
Trump Media continues pursuing TAE Technologies merger
The company is also moving forward with its proposed merger with fusion energy company TAE Technologies.
The deal follows the termination of an earlier proposed cryptocurrency treasury venture involving CRO.
Trump Media announced that the SEC declared its merger registration statement effective on November 5.
Shareholders eligible to vote on the transaction are scheduled to meet on December 14.
The merger still requires the necessary approvals and closing conditions.
Trump Media shares closed at $4.06
Trump Media shares closed at approximately $4.06 on November 9.
That represented a daily gain of around 1.75%.
The company’s stock price is influenced by several different factors, including its operating business, Bitcoin holdings, financial investments and proposed corporate transactions.
That makes its valuation increasingly tied to more than its original social media operations.
Bitcoin is becoming central to Trump Media’s balance sheet
Trump Media’s Bitcoin position is now one of the most significant parts of its financial profile.
With approximately 15,649 BTC, changes in Bitcoin’s market price can materially affect the company’s reported asset values and earnings.
The third-quarter results demonstrate this clearly.
Digital asset and securities gains accounted for a large portion of the company’s reported profit.
A significant decline in Bitcoin could have the opposite effect in future periods.
The yield strategy introduces new risks
Using Bitcoin in options strategies can generate additional income, but it also increases complexity.
Trump Media now faces several overlapping risks:
- Bitcoin price volatility
- Derivatives losses
- Counterparty credit risk
- Rehypothecation risk
- Debt obligations
- Collateral requirements
This is different from simply holding Bitcoin in cold storage.
The company is actively using its cryptocurrency holdings as part of a broader financial strategy.
Net Bitcoin growth matters more than gross purchases
Trump Media’s Q3 numbers also show why gross Bitcoin purchases should not be confused with net treasury growth.
The company purchased 4,359 BTC during the quarter.
Yet its total holdings increased by only 1,510 BTC.
The difference reflects sales, transfers or other treasury activity occurring during the same period.
For investors, the more useful figure for understanding the treasury is the net change in holdings.
What to watch next
Several developments could affect Trump Media’s Bitcoin position.
The first is the November 30 convertible note date.
If noteholders demand cash repayment, the company could need additional liquidity.
The second is Bitcoin’s market price.
A continued decline would reduce the market value of the company’s treasury.
The third is the performance of its yield program.
Investors will want to see whether the strategy generates sufficient income relative to the counterparty and derivatives risks involved.
The TAE Technologies merger is another major event to watch.
Final thoughts
Trump Media increased its Bitcoin holdings by a net 1,510 BTC during the third quarter, bringing its total position to approximately 15,649 Bitcoin.
The company is no longer simply holding BTC as a passive treasury asset.
It is purchasing Bitcoin, selling ETF positions, pledging BTC as collateral and using options strategies to generate income.
That approach helped contribute to a large third-quarter accounting profit, but it also exposes Trump Media to additional financial and counterparty risks.
With Bitcoin trading below its September level, the value of the company’s holdings has fallen from roughly $1.31 billion to around $1.17 billion.
The next major questions will be how Trump Media manages its debt obligations, how its Bitcoin yield strategy performs and whether it continues adding to its cryptocurrency treasury.
