Unrealized losses on digital assets drove the company’s net loss to $238 million, up sharply from $20 million a year ago.
Trump Media & Technology Group reported a $238 million net loss for the second quarter, a significant increase from the $20 million loss in the same period last year. The company attributed the bulk of the loss to non-cash charges, including over $190 million in unrealized losses on digital assets, pledged assets, and equity securities.
The decline in cryptocurrency valuations played a key role, with Bitcoin and Cronos holdings losing more than 33% of their value in the first half of the year. A June SEC filing revealed $361 million in digital asset-related losses for the six months ended June 30, including $245 million in unrealized crypto losses.
Trump Media stated it has resolved most legacy legal matters, expecting legal expenses to drop and resources to shift toward growth initiatives. The report did not specify the portion of losses tied solely to Bitcoin.