Trump Media’s Q1 loss widens to $406 million on bitcoin, CRO markdowns

Key Points:

• Trump Media & Technology Group reported a $405.9 million net loss in Q1, significantly wider than the $31.7 million loss a year earlier, primarily due to unrealized losses on its cryptocurrency holdings.
• The company recorded $244 million in unrealized losses on bitcoin and other crypto assets, along with a $108.2 million investment loss mainly from equity securities.
• As of March, Trump Media held 9,542.16 bitcoin valued at approximately $770 million, down from a $1.13 billion cost basis, and 756.1 million CRO tokens valued at $53 million, also below their cost basis.
• The firm generated $17.9 million in operating cash flow during the quarter, aided by the sale of put options on bitcoin and related securities, and has locked up a portion of its bitcoin as collateral for convertible notes and hedging strategies.
• Revenue increased 6% year-over-year to $871,200, with media revenue at $810,100 and Truth.Fi management fees contributing $61,100.