Trump Media’s Q3 slump worsens even after crypto gains

President Donald Trump’s Trump Media & Technology Group dropped another bomb on investors this Friday, reporting a $54.8 million net loss in the third quarter of 2025, nearly triple what it lost in the same period last year.

The company’s revenue also took a hit, sliding 3.8% to just $972,900, with legal expenses alone hitting $20.3 million in just one quarter, as crazy as that sounds.

Trump Media’s stock TMTG plunged by more than 3% in after-hours trading on Friday, though the earnings report was released before the bell.

This comes as no shock for a company that went public in March 2024 through a SPAC merger, and has since become a political meme stock with zero clarity on its real user base. No data on daily or monthly users. Nothing. Just vibes and volatility.

Trump Media piles into bitcoin as losses mount

Somewhere between July 1 and July 21, Trump Media invested exactly $2 billion into Bitcoin and related securities, according to the earnings report, which also said that the company bought in when bitcoin was around $118,000.

Fast forward to Friday and Bitcoin had sunk all the way to $103,000 amid intense market-wide selloff. On top of that, Trump Media’s Cronos (CRO) holdings, which was acquired through an August venture with Crypto.com and a blank-check company, have also dropped significantly since the quarter ended on September 30.

That August deal was supposed to kick off a treasury-style crypto strategy. But instead of building revenue from its platform, Trump Media is now leaning heavily on crypto speculation. The company’s original business, Truth Social, has effectively become an afterthought, as the earnings report gave no new growth numbers, no engagement stats, and no visibility whatsoever into how much traffic Donald Trump actually brings to the table.

Still, Donald owns a massive 114,750,000 shares of Trump Media through his revocable trust, putting him squarely in the driver’s seat of a company that’s burning millions while betting on crypto. He even posted on Truth Social in September that the SEC should drop quarterly reporting altogether, saying:

Trump’s crypto-fueled net worth hits $7.3 billion

Meanwhile, president Trump’s personal net worth has been on fire ever since his return to the White House, with combined gains from Trump Media and crypto pushing his wealth to $7.3 billion, according to Forbes.

Forbes estimates $6.6 billion of his fortune is tied directly to crypto and Trump Media equity, and has helped him land at #201 on this year’s Forbes 400, his highest position ever.

Devin Nunes, the company’s CEO and a former Republican congressman, received a $5.9 million stock award in August. That stock will vest over three years. The payout came just after the company posted a $20 million loss in Q2, adding to the cash burn concerns.

Questions about conflicts of interest have been flying ever since Donald got back into the Oval Office, especially with crypto now tangled into his business empire. But Karoline Leavitt, White House press secretary, dismissed those concerns completely. She told Forbes: “The media’s continued attempts to fabricate conflicts of interest are irresponsible and reinforce the public’s distrust in what they read. Neither the President nor his family have ever engaged, or will ever engage, in conflicts of interest.”

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