Trump Media Reveals Bitcoin and Cronos Holdings Amid Q3 Loss – Crypto News

Trump Media and Technology Group’s Bitcoin holdings weren’t enough to prop up its balance sheet, as the company reported a $54.8 million loss in its third-quarter earnings, due to rising costs.

The Trump-tied company, which operates the Truth Social social media platform, shared on Friday that its Q3 net loss widened from the $19.3 million in losses compared to the same time last year.

The company reported revenues of $972,900, down from over $1 million a year ago. Shares in Trump Media (DJT) ended trading on Friday down 1.73% to $13.10, seeing a small bump after-hours to $13.20.

Trump Media reported that it held 11,542 Bitcoin (BTC) as of Sept. 30. It first announced it would start buying Bitcoin in late July, and flagged plans in its earnings to buy more, along with considering “the acquisition of other, similar cryptocurrencies.”

Bitcoin holdings generated income

Trump Media generated $15.3 million of realized income from its Bitcoin options investments and posted $33 million in unrealized gains from holding over 746 million Cronos, the native token of the Cronos blockchain. At the end of September, Cronos was trading hands for around $0.18.