Trump Media's Crypto Retreat Costs $360 Million
Trump Media reported $360.6 million in losses on digital assets and related holdings for the first half of 2026, with a net loss of about $238 million in the second quarter.
The loss was driven largely by markdowns on its Bitcoin (BTC) and CRO positions, but Trump Media's revenue told a smaller story: it rose to $1.7 million for the quarter, an 89% year-over-year increase fueled primarily by Truth Social advertising.
Interim CEO Kevin McGurn attributed the reversal of a proposed $6.42 billion CRO treasury company and related plans with Crypto.com to competitive dynamics rather than any single setback.
McGurn said the digital asset treasury market had grown crowded over the past year as public companies converged on similar strategies, compressing whatever differentiation early movers once had.