Trump Media and Technology Group (NASDAQ: $DJT) has reported a $360.6 million U.S. loss on its cryptocurrency holdings for this year’s first half.
The parent company of Truth Social also reported that its Bitcoin (CRYPTO: $BTC) holdings shrank during the second quarter of the year
The company backed by U.S. President Donald Trump and his family held 9,477 Bitcoin valued at $557.1 million U.S. as of June 30, according to its earnings report. More From Cryptoprowl: That’s down from 9,542 BTC owned at the end of March this year.
The company’s Bitcoin holdings declined by 65 tokens in the second quarter. A big share of Trump Media’s Bitcoin was pledged as collateral, with 4,260 BTC pledged against convertible notes and another 2,077 tokens pledged for a Bitcoin options strategy. Trump Media cited “prevailing market conditions and shifting business and stakeholder priorities” as the reason for its crypto losses.