Trump Media Abandons Bitcoin Strategy Amid $190 Million Loss

Trump Media & Technology Group (NASDAQ: DJT) is pivoting away from Bitcoin after taking on nearly $200 million in crypto losses.

The company, majority-owned by President Donald Trump, made headlines last summer when it announced plans to transform itself into a Bitcoin treasury company. At the time, it held 12,062 Bitcoins, worth around $755 million at today's prices.

However, its decision to buy Bitcoin at the peak of the market has resulted in a $190 million paper loss due to the decline in Bitcoin's price over the past 10 months.

Crypto investors are being advised to take a long-term view and hold onto their Bitcoin investments rather than trying to time the market. This advice comes as another high-profile Bitcoin treasury company, Strategy (NASDAQ: MSTR), also faces significant losses after reporting a nearly $10 billion paper loss on its Bitcoin holdings.