Trump Media & Technology Group on Monday reported a $238.1 million net loss for the second quarter and said it is putting a more disciplined framework in place for managing its digital asset treasury. The disclosure came just days after the company walked away from a plan to create a publicly traded Cronos treasury company.
Most of the quarterly loss was non-cash. The company said $190.4 million of the total came from unrealized losses on digital assets, pledged digital assets and equity securities. It also recorded $11.7 million of accreted interest and $8.1 million of stock compensation.
Adjusted EBITDA was negative $223.5 million. Revenue reached $1.7 million, up 89% from $0.9 million a year earlier. Cash used in operations totaled $13.7 million, including $25.6 million in legal expenses tied mostly to legacy litigation that the company said has now been substantially resolved.
Bitcoin and Cronos holdings
As of June 30, Trump Media held 9,477.16 BTC worth $557.1 million, down from 9,542.16 BTC at the end of March. Its 756.1 million Cronos tokens were marked at $40.6 million, compared with $68 million at the end of 2025.
Losses tied to digital assets reached $360.6 million in the first half. A sizable share of the company’s bitcoin was also encumbered: 4,260.73 BTC was pledged against convertible notes, and another 2,077.34 BTC was committed to a bitcoin options strategy.
Cronos treasury deal terminated
On Friday, Trump Media, Crypto.com and Yorkville Acquisition mutually terminated their planned combination to create Trump Media Group CRO Strategy. The vehicle, announced last August, included a $5 billion equity line and targeted a treasury of at least $6.42 billion. The parties cited market conditions and shifting priorities.
A separate arrangement under which Crypto.com would service planned Yorkville America ETFs was cancelled at the same time.
Strategic focus shifts to TAE Technologies
Interim CEO Kevin McGurn, who replaced Devin Nunes in April, is now steering the company toward a different transaction: an all-stock merger with fusion developer TAE Technologies. Trump Media said it expects that deal to close in the fourth quarter.
The company also launched Truth API on Aug. 1, a paid feed carrying public posts from certain Truth Social accounts. It said more than 10 customers have signed up.
Quarter-end balance sheet
Total assets stood at $2.0 billion at the end of the quarter, with about $1.9 billion in cash, securities and digital assets.
The Donald J. Trump Revocable Trust, controlled by Donald Trump Jr., holds a majority stake in the company.