TMTG Posts Record Loss Due to Cryptocurrency Writedowns, Seeks New Revenue Streams

Trump Media & Technology Group (TMTG), founded by U.S. President Donald Trump, posted a net loss of $238.1 million for its April-June quarter, a significant widening from last year's $20 million.

The loss was primarily driven by massive unrealized losses on cryptocurrency holdings, which took a hit as digital asset prices tumbled during the period. TMTG's first-half net loss reached $644 million.

The company is pinning its hopes on 'Truth API,' a new revenue stream that provides priority access to Trump's Truth Social posts. It has already secured more than 10 client contracts and is considering charging up to $100,000 per month for the service.