Trump Media Abandons Bitcoin Treasury Strategy Amidst $200 Million Losses
Trump Media & Technology Group (NASDAQ:DJT) stock is down 4% to $7.96 in late-morning trading Monday after the company announced a shift away from its bitcoin treasury strategy.
The move follows nearly $200 million in crypto losses, including a reported $190 million paper loss on its holdings built when Bitcoin was at an all-time high of $126,000.
Bitcoin has been sliding for over 10 months and is currently trading at $63,000, down 46.61% over the past year and 28.32% YTD.
The company's interim CEO Kevin McGurn stated that Trump Media has 'refined' its approach to capital allocation, redirecting resources toward Truth Social, Truth+, and the Truth API data feed.
Trump Media has also agreed to acquire TAE Technologies, a private nuclear fusion energy firm, in a deal expected to close by year-end.