Trump Media Suffers $360 Million Crypto Loss in Second Quarter

Trump Media and Technology Group (NASDAQ: DJT), the parent company behind Truth Social, reported a staggering $360.6 million loss on its cryptocurrency holdings for the first half of the year.

The company held 9,477 Bitcoin as of June 30, valued at $557.1 million, but this figure represents a decline from the 9,542 BTC it owned at the end of March, meaning DJT shed 65 tokens during the second quarter alone.

A significant portion of Trump Media's Bitcoin was pledged as collateral, with 4,260 BTC committed against convertible notes, and an additional 2,077 tokens were pledged as part of a Bitcoin options strategy.

The company cited 'prevailing market conditions and shifting business and stakeholder priorities' as the reason behind the reported crypto losses, but DJT stock has declined 46% over the last 12 months, with shares trading at $9.39 per share at the time of the report.