Trump Media Abandons $755 Million Bitcoin Bet Amid Staggering Losses
Trump Media & Technology Group, a social media company majority-owned by President Donald Trump, has made significant losses on its Bitcoin holdings. The company holds 12,062 Bitcoins, worth nearly $755 million at today's prices, but this position is currently deep underwater due to the declining price of Bitcoin over the past 10 months.
The loss is estimated to be around $190 million, and as a result, Trump Media will pivot away from Bitcoin and back into its core business of media and advertising. This move comes at a time when several other top digital asset treasury companies are facing similar issues.
Strategy, for instance, has reported a nearly $10 billion paper loss on its Bitcoin holdings. The company acquired 840,447 BTC at an average price of $75,482 but now faces losses due to the current price of Bitcoin being around $63,000.
Crypto investors are advised to buy and hold Bitcoin for the long haul rather than trying to time the market. This approach is more likely to yield gains, as Bitcoin has a history of bouncing back from adversity.