Trump Media's Bitcoin Holdings Shrink by $360 Million Amid Crypto Price Slump

Trump Media and Technology Group has reported a decrease in its Bitcoin holdings at the end of June, citing weaker crypto prices as the reason. According to its quarterly filing, the company held 9,477.16 BTC worth $557.1 million on June 30, down from 9,542.16 BTC at the end of March.

The decline in value resulted in $360.6 million in losses for Trump Media in the first half of the year, with its Cronos holdings valued at $40.6 million, down from $68 million. A significant portion of the Bitcoin position is pledged against other obligations, including 4,260.73 BTC against convertible notes and 2,077.34 BTC for a Bitcoin options strategy.

The company's digital asset strategy has faced setbacks, with it mutually terminating its proposed business combination with Crypto.com to create Trump Media Group CRO Strategy due to prevailing market conditions and shifting priorities.