Key Points

• Trump Media reports quarterly net profit of $409.7 million
• Digital asset business revenue surpassed a total of just $3 million in sales.
• As nuclear fusion mergers and acquisitions advance, Bitcoin reserves have increased to 15,649 coins.

The Trump Media and Technology Group ( NASDAQ : DJT ) reported a profit of $409.7 million in the third quarter of 2026, despite having only revenue of $3 million. The reason is that earnings related to cryptocurrencies affected their financial results.

According to the financial report released by the company on November 9th, revenue increased by 205% year-on-year; in contrast, the company recorded a loss of $54.8 million during the same period in 2025.

This performance highlights the increasing influence of the company's Bitcoin investments. Previously, due to the decline in the valuation of cryptocurrencies earlier this year, these investments led to considerable quarterly losses for the company.

Bitcoin profits drove Trump media to record a $410 million profit

Trump media stated that a large portion of its third-quarter profits came from non-cash earnings from digital assets, pledged cryptocurrencies, and equity securities.

These investments collectively generated approximately $496.1 million in realized and unrealized net gains, however, part of this was offset by a $54 million loss on derivatives, as well as additional financing and compensation expenses.

After the adjustment, EBITDA is still at a negative of $12.3 million, which indicates that its book profit does not necessarily mean that there has been a corresponding improvement in underlying operational performance.

In the first nine months of 2026, Trump's media operations still recorded a net loss of $234.2 million.

Revenue growth mainly came from an increase of approximately $1.8 million in subscriptions related to Truth API and Truth, as well as $200,000 in management fee income generated by the investment products of Truth.Fi.

This contrast is similar to MARA's recent financial reports: despite weak revenue from its core business, the profits generated by the valuation of Bitcoin still resulted in considerable accounting profits.

Trump's media holding of Bitcoin has increased to 15,649 coins

As of September 30, Trump's media holdings amounted to approximately 15,649 Bitcoins, of which 11,385 have been pledged into his "Bitcoin Income Management Plan."

There are also approximately 4,264 Bitcoins held directly, but almost all of them have been used as collateral for convertible debt.

The company also stated that it holds approximately 7 million shares of BlackRock’s IBIT Bitcoin ETF.

Its continuously expanding reserves are built upon a previous purchase base of over 12,000 Bitcoins and also form part of its broader strategy for financial products that support cryptocurrencies.

However, pledged assets also bring additional counterparty risks and liquidity risks.

The company also adjusted its cryptocurrency investment strategy, including making changes to the earlier ETF plan.

$6 billion in fusion mergers and acquisitions adds another dimension to investment

Trump's media is also simultaneously advancing a proposed merger with nuclear fusion developer TAE Technologies; this deal was previously valued at over $6 billion.

The U.S. Securities and Exchange Commission (SEC) announced on November 5th that the merger registration statement came into effect, marking the completion of an important procedural milestone.

Shareholder voting is scheduled for December 14th; subject to obtaining the required approvals, the goal for both companies is to complete the transaction by the end of 2026.

This transaction could significantly change the company's business model, extending its operations beyond Truth Social, financial products, and cryptocurrency investments.

However, DJT investors have already suffered significant losses, and recently the stock has fallen by approximately 70% during the broader decline in the market value of Trump-related media.

The latest quarterly profits did not dispel market concerns regarding the company's fundamental revenue capabilities or its exposure to fluctuations in Bitcoin prices.

For shareholders, the main challenges ahead include: whether recurring revenue can continue to grow, whether Bitcoin reserves can generate sustainable returns, and whether the proposed merger and acquisition in fusion energy can bring commercial value.

Trump's media's $2 billion Bitcoin reserve strategy has already changed its balance sheet. Third-quarter results indicate that this strategy may also significantly reshape its reported profit performance.